I can't see the evidence for the claim that this has been cut in the way suggested. I've just run though the disc on FF to refresh my memory and the extensive scene mocking the fascist rally is present along with many other references to fascism, which is, after all the background to the events portrayed. The scene in which the character Aurelio is picked up for interrogation and is forced to drink castor oil is not cut. If references to fascism were going to be cut one would have thought that these scenes were prime candidates.
This copy appears to me to be exactly the same as on the many occasions I've seen the film at the cinema and at Fellini retrospectives. I'd be interested to hear what these reported cuts actually consist of, and what DVD version is being referred to.
What no one has said about this hideous Warner Bros. R2 release is the utterly appalling quality of the transfer.