According to Italy's wiki page, it states "Their
rivalry with Germany is also long-standing, having played against each other five times in the World Cup, notably in the "
Game of the Century", the 1970 World Cup semifinal between the two countries that Italy won 4–3 in extra time, with five of the seven goals coming in extra time. Germany has also won three
European Championships while Italy has won it twice. The two countries have faced each other four times in the European championship, with three draws (one German penalty shoot-out victory) and one Italian victory.Germany had never defeated Italy in a major tournament match until their victory in the Euro 2016 quarter-finals, on penalties (though statistically considered a draw), with all Germany's other wins over Italy being in friendlies" And not forgetting it was Italy that beat Germany in WC82
So based on that, it's more footie related than anything else with Italy and much more of a direct rivalry than with the Dutch from my POV, whereas with the English I feel it's a combination of both the way England or as some (?) Germans see the WC66 win as England been looked after on home soil and the 2 wars of the last century.