Instead, under capitalism, we get politicians who are actively working to eliminate as many environmental, health and safety regulations as possible

Under capitalism, we got those regulations to begin with..

Which to be fair, isn't because of capitalism we got regulation, but because of Democracy. Democracy is capable of keeping capitalism in check, to a point. After a certain amount of wealth inequality, which we've already passed, capitalism goes destructively out of control.

Correct, however if the workers own the means of production

I generally agree, although if you have a "dictatorship of the proletariat" like the USSR that desides it needs to heavily industrialize to compete with capitalist counties, it could be just as bad or worse for the environment.