I guess that depends on how you interpret the meaning of the song…it means different things to different people, and always has done…in 1740 when it was written the major colonial powers were France and Spain who’s navies were dominating the global seas and colonial expansion. In that context, it referenced Britains resistance to enslavement by colonial invaders during Saxon times as an exaltation to the new King to ensure the nation (and its beleaguered Navy) would survive and thrive despite the odds not being in its favour…
God save our gracious King,
long live our noble King,
save the King!
Send him victorious,
happy and glorious,
long to reign over us,
God save the King.
O Lord our God arise,
scatter our enemies,
and make them fall!
Confound their politics,
frustrate their knavish tricks,
on Thee our hopes we fix,
God save us all.
Not in this land alone,
but be God's mercies known,
from shore to shore.
Lord make the nations see,
that men should brothers be,
and form one family,
the wide world over.
From every latent foe,
from the assassins blow,
God save the King.
O'er his thine arm extend,
For Britain's sake defend,
our Father, prince, and friend,
God save the King.
Thy choicest gifts in store,
on him be pleased to pour,
long may he reign.
May he defend our laws,
and ever give us cause,
to sing with heart and voice,
God save the King.
Lord grant that Marshal Wade,
may by thy mighty aid,
victory bring.
May he sedition hush,
and like a torrent rush,
rebellious Scots to crush.
God save the King!
It was widely understood to be a hymn to protestantism, and a paean to the Glorious Revolution and the protestant Hanoverian Succession, which at the time were considered to be the essence of the British state, the emerging national identity, and the only guarantor of freedom. It has murky origins but possibly was penned in the 17th century (maybe in response to the Gunpowder Plot) and really took off as a popular anthem (though not official) at the time of the Jacobite Rebellion. It has nothing whatsoever to do with the Saxons.
Fwiw, France was pretty much edged out of global power politics by the end of the War of the Spanish Succession, in 1714. Britain was able to defeat the French in India throughout the 1740s, at the same time that the Mughal imperial power was weakening, leaving the door open for the rise and rise and rise of the East India Company, and the consolidation of British domination of India. At the same time, the triangular trade brought to Britain the capital that financed the industrial revolution; this was well under way by 1740. Britain and the British Caribbean had been the principal operator of the ships carrying enslaved people since the defeat of the Dutch in 1651 allowed them the freedom of the waves.