The leader (played by the great Giancarlo Esposito) is megalomaniacal, extremely violent and oppressive, and into the drug trade, but beyond that, his "politics" are really not elucidated. IIRC the characters in the game call him a fascist, and the word communist is not mentioned. Like all Far Cry games, its settings are reminiscent of some "place", and sometimes roughly a "time", but very loosely so.
Tie-ins are it's an island (islands actually), a fair bit of the music has I guess what you could call a Cuban style, it's a sub-tropical island, it's a revolution vs. an evil dictator, the characters speak with Spanish accents (the voice acting is actually great, everyone sounds legit), and some characters want to take boats to America to escape the dictator. But it's definitely not a re-enactment of the Cuban revolution, people in game have cell phones and much more modern weaponry, and there's zero tie-ins to the outside world/historic events other than that America exists to be escaped to by boat.
The people being killed by the protagonist in that sequence are the dictators minions, and it's in one of his drug-producing fields, which produce a lot of environmental degradation and poison the communities nearby with toxic run-off. It's really not a "mass shooting" type scenario 
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