After learning a lot about WW1 and watching Lord of the Rings I can't help but feel he based a lot of parts in his book on his experiences in the war. ie. The idea of adventure and the unknown of Sam and Frodo heading out of The Shire, Saroman's age of industry trying to conquer all, a war to end all wars and shower the world in darkenss, and the needless death and destruction verses the unyielding hope of Aragorn and Gandalf. Even Smeagals schizophrenia is like a soldier with PTSD! thanks in advance for reading.
Tolkien was annoyed by analysts who claimed his work was an allegory of WW2, and responded that firstly he did not like historical allegory in fiction, and secondly that he began world-building long before WW2. He stated it was a lot more plausible that WW1 shaped the story, without admitting to an actual influence. It is as if he did not want his story to reflect modern times, but admitted there could be an influence from WW1.
Some editions of LOTR contain Tolkiens little diatribe against WW2-interpretations as a foreword.
I have read some of Tolkien's letters in their entirety, but primarily draw upon "J.R.R. Tolkien: A Biography" by Humphrey Carpenter, in the following
Tolkien had a standing grudge against the Normans and Saxons for disrupting Britain's oooold cultural heritage
In a letter to his son he wrote: "My political opinions lean more and more to Anarchy ... or to ‘unconstitutional’ Monarchy. I would arrest anybody who uses the word State (in any sense other than the inanimate real of England and its inhabitants, a thing that has neither power, rights nor mind); and after a chance of recantation, execute them if they remained obstinate!"
He supported Franco. Tolkien did not say Franco was great, but that the alternative was bussybody socialists who would spoil Spanish tradition.
He once wrote to a Belgian friend that Belgium has the appropriate size for a country, and that Britain should break up into pieces of that size.
When you consider these opinions, other explanations seem as plausible as that he was influenced by WW1. For instance one could argue the story is about globalization. The good guys all are very tradition bound, while the bad guys develop new technology and want to spread. When Saruman gets control in The Shire he tries destroying the cultural heritage and rationalizes. He imposes laws where there only was custom and builds a state.
Summarizing all this I would say: "Maybe a little bit and indirectly, but Tolkien was more interested in industrialization and forced social change, and those motives fit the story as well"