[AnotherGoodName]

Definitely both imho. Tolkien’s own ww1 experience shines through. But then his sons served in ww2 and you can feel a lot of bilbos pain come through as Frodo has to take on the burden of fighting evil.

You can clearly see the pain at the end of return of the king where Frodo and Bilbo together just leave. They had both been through too much and are basically shell shocked.

It’s really hard to not view it as an allegory of the journey of two generations through ww1 and ww2 imho.