Yes, it could be, especially as you’ve seen a personality change. I wouldn’t worry if he’d always been a rabid right-winger.
May I make a few suggestions — because dementia in its early stages can be stopped or at least massively slowed down. I’m not a doctor but I am interested in dementia because of my familial history. If you can, get him to a doctor and get him tested.
Then:
First get him away from watching Fox News — get him watching sport or culture or movies, anything except the kind of news media that deliberately aims to frighten and stress people and make them angry. Stress is probably the number one cause of dementia.
Second, if you haven’t already taken these steps, get him to stop drinking sodas and if he’s eating a Standard American Diet, get him off processed food and onto a Mediterranean diet.
Thirdly, social ties are also key to everyone but particularly to elderly people. Make every effort to include him socially and not let him become isolated. Declare your house a politics-free zone and if he insists on going off on one, ask him to leave — but invite him back the next day.
Fourth, make sure he takes a multivitamin, vitamin D fish oil and vitamin B complex every day. Vitamin deficiencies can mimic Alzheimers.
I really hope your father (and many like him) can reconnect with your family and become more peaceful, regardless of how he votes.