It is I believe a subtle critique of the fascination that Mussolini had for Italians. Fellini understood that the politics of Fascism had a Romantic tinge, but was horribly small and mean at its heart like the character played by Sordi. The feminine character Wanda is of course Italy betrayed by the Boss; she has a modern name thus a metaphor for the kind of modernita pushed by the Fascists. There is also the hapless husband who represents Fellini and his own bewildered involvement with fascism as a passer-by, witness, critic, dupe etc. The shot of Sordi on the swing a feminine/masculine figure is a powerful and hilarious metaphor for the whole fascist era with its fancy dress and crude brutality. Very underrated!!