Nah, there are no nazi insignia in the German version as far as I know.
They could have passed it as 18+ and it probably wouldn't have been censored (we have a law that sais, that titles that are 18+ aren't censored. If they are too much they are indexed altogether, but they are not censored unless they contain stuff that is against the consitution, like nazi insignia), but they wanted to pass it as 16+ so more people could buy it and for that they had to censor it themselves.
Maybe they chould activate the rest of the gore as soon as the player reaches the age of eighteen. The age is set in steam somewhere I think and the steam autoupdate could have been used for that.
But they didn't do it, so Germans are stuck with the 16+ version. There is a blood puff whenever you hit someone so you know you hit them and the awesome superrealistic ragdoll physics are intact too, so its ok for me because nothing gameplay critical has been cut. Still, the rest of the gore would be a nice thing to have.