It doesn't really carry the same weight. The fact Magneto went through that shit is how he got warped in the way he did. He's part supremacist, part revolutionary, and all of it because of the insane shit he went through and is threatened with again by non-mutants.
Now, that I think about it, there it is. They experimented on him, gave him an incomplete version of the super soldier formula as they were trying to develop a perfected version for the Red Skull. It ties him directly into the birth of the Marvel Universe, connecting him directly to everything that came before. Not only that, but given what we saw of those who took the serum in "The Falcon and The Winter Soldier", it would also help audiences understand how someone with his background could become a supremacist himself. That and it would very easily explain his slowed aging process.
The only issue remaining would be Xavier himself.