[triceratops]

Full quote:

"Second term kicks off with firing Wray, firing Fauci. Now I actually want to go a step farther, but I realize the president is a kind-hearted man and a good man. I’d actually like to go back to the old times of Tudor England, I’d put the heads on pikes".

I'd be inclined to believe your interpretation but he himself has already ruled out the figurative meaning of the phrase "pikes on head" with the first sentence in that quote, by saying he wants to "go farther" than that. Beyond firing, how exactly can you "make an example" of an employee?