Well, no that's not how the Marxists interpret it. It's the same fundamental class struggle and both are exploited from the same source (both agrarian and industrial), but colonialism downgraded the native culture and denigrated them as mere "savages", in some areas like Algeria and South Africa it tried to import its own proletariat to subvert the native ones, the Marxists use the term "super-exploitation" to describe the economies of the nations on the global periphery like colonies as opposed to the standard exploitation of the aforementioned Ruhr workers, and addition to lacking the vote, segregation, even less ability to enjoy the fruits of labor by way of wages, etc. Franz Fanon's "Wretched of the Earth" explains the Marxist view on colonialism fairly succinctly but with its own innovations.
When colonialism began to come to an end, the situation was sort of similar to "giving them the vote to end colonialism" but instead it was creating a native bourgeoisie that continued the ideas and practices of the Europeans for them. As Sartre says in the intro to Fanon's book:
"The European elite undertook to manufacture a native elite. They picked out promising adolescents; they branded them, as with a red-hot iron, with the principles of Western culture; they stuffed their mouths full with high-sounding phrases, grand glutinous words that stuck to the teeth. After a short stay in the mother country they were sent home, whitewashed. These walking lies had nothing left to say to their brothers; they only echoed. From Paris, from London, from Amsterdam we would utter the words "Parthenon! Brotherhood!" and somewhere in Africa or Asia lips would open "...thenon! ...therhood!" It was the golden age."
"It came to an end; the mouths opened by themselves; the yellow and black voices still spoke of our humanism but only to reproach us with our inhumanity. We listened without displeasure to these polite statements of resentment, at first with proud amazement. What? They are able to talk by themselves? Just look at what we have made of them! We did not doubt but that they would accept our ideals, since they accused us of not being faithful to them. Then, indeed, Europe could believe in her mission; she had hellenized the Asians; she had created a new breed, the Greco-Latin Negroes. We might add, quite between ourselves, as men of the world: "After all, let them bawl their heads off, it relieves their feelings; dogs that bark don't bite."
"A new generation came on the scene, which changed the issue. With unbelievable patience, its writers and poets tried to explain to us that our values and the true facts of their lives did not hang together, and that they could neither reject them completely nor yet assimilate them. By and large, what they were saying was this: "You are making us into monstrosities; your humanism claims we are at one with the rest of humanity but your racist methods set us apart." Very much at our ease, we listened to them all; colonial administrators are not paid to read Hegel, and for that matter they do not read much of him, but they do not need a philosopher to tell them that uneasy consciences are caught up in their own contradictions. They will not get anywhere; so, let us perpetuate their discomfort; nothing will come of it but talk. If they were, the experts told us, asking for anything at all precise in their wailing, it would be integration. Of course, there is no question of granting that; the system, which depends on overexploitation, as you know, would be mined. But it's enough to hold the carrot in front of their noses, they'll gallop all right. As to a revolt, we need not worry at all; what native in his senses would go off to massacre the fair sons of Europe simply to become European as they are? In short, we encouraged these disconsolate spirits and thought it not a bad idea for once to award the Prix Goncourt to a Negro. That was before 1939..."