The new pope and Mussolini essentially rose to power together, forming an alliance. The church’s open embrace of the Fascists was critical to the government’s power and to ending the enmity between the church and secular authorities.

The pope was also jaw-dropping antisemitic. Jews did not have many friends in the Catholic Church.

The Vatican embraced the nazis before mussolini did, and the fact that cardinals were directly involved with the rat lines shows it can't just be about immediate threat. The reichskonkordat doesn't just precede the pact of iron BTW, it precedes the Stresa front. Mussolini was openly contemptuous and opposed to Hitler when it was signed.

The catholic church was deeply tied with the fascists movements of the time. They weren't threatened, they were allies