It turns out the name belonged to a real-world resistance fighter, not a Nazi.
Wilhelm Franke Battlefield 5

One of the new Elite soldiers in Battlefield V is getting a name change from EA and DICE. The new Elite, Wilhelm Franke, is the current name of one of the pre-built soldiers players can purchase for real money to use in multiplayer.

This character in Battlefield V is a German that fights for the Axis, aka "the baddies." Or to say it another way: He's a Nazi. In real life, Wilhelm Franke was the name of an anti-fascist resistance fighter during WWII. He fought in Dresden and was arrested by the Gestapo in 1944. That's about as anti-Nazi as you can get, which is why there has been a considerable amount of confusion as to why the name was given to the new Nazi character in the game.

EA said that they will be changing the name in game and apologized for the connection to the real-world Franke.

"We’ve become aware that one of the names of our Elites, Wilhelm Franke, shares the name of a real life resistance member in Germany during the Second World War. We want to apologize as we certainly didn’t mean any disrespect to him. We are in the process now of changing the name of our Elite in the game," the statement said.
In addition, EA says that Franke, the game version, is not actually a Nazi and that the company is "not making political statements." This is in spite of the character wearing what looks like an Iron Cross, and Battlefield V being literally about the second World War. This is the second time EA said that you do not play as Nazis in Battlefield V.

"The aforementioned Elite, Wilhelm Franke, whose name we’re changing is not a Nazi, but a German solider similar to ones we already have in the game. In Battlefield V, we’re not making any political statements in relation to the real life events of WW2 and there are no swastikas in the game.”
They're saying that the Germans in Battlefield V are not Nazis nor is anything in a game based on WWII making political statements in any way, shape, or form. Ok, got it. I'm also going to say that I'm 6'5", incredibly handsome, and stupidly wealthy while we're just saying whatever we want to now.