This film’s naive art style and simple animation betray its complex meaning. It retraces the earliest steps of human history (shown by the Oms) and predicts the heights of technology and sophistication that we have yet to reach (the Draags).
The film, to me, reflects the brutality of Wold War II, with the Draags representing the Nazi party, and the Oms representing the Jews. In this sense, the film shows us what power can do; we become drugged by it, unable to recognize our own weaknesses. There is a fundamental misunderstanding between the Draags and the Oms that prevents them from living in harmony— that is, until the Draags are nearly destroyed by their own hubris.
There are many other ways to read into it, of course. I highly recommend this film!