Yes but it's not much and is simply a joke. After the credits, we see a title screen for "Hotline Miami 3" only for the game to stop and rewind. The devs have confirmed that their will never be a Hotline Miami 3, and that this bit is a joke.
Very short implication of a rape scene within an in-universe slasher film, at the end of the first level, "Midnight Animal." A character stands above an incapacitated woman and is seen pulling his pants down.
There is a setting to disable this animation entirely, which should appear as a prompt immediately when booting up the game for the first time. If the prompt doesn't show up, it can still be changed at any time in the options menu.
No. One of the playable characters is a morally bankrupt detective/cop and is explicitly painted as bad person.
There are other instances in which the police force is depicted as either slightly corrupt or generally incompetent.
At the end of the level "Casualties," the player must escort their mortally wounded comrade (thus moving MUCH slower than usual) through a maze-like arrangement of underground tunnels to escape a crumbling building. It's quite dark, with a constant red flashing light as alarms go off, and a timer counting down from 1 minute before the building and tunnels will collapse. I imagine being susceptible to claustrophobia would make this scene even more stressful than it already is.
A character named "Jake" is racist towards anyone who is russian. The game portrays his actions as bad and is not endorsed. It's also worth noting that this game and even the first game to some extent are very anti-nationalist.
The VHS cover for the level "Seizure" depicts a naked woman. The level itself takes place in a strip club, but no strippers are actually present in the building. In the levels outro, a character is sitting beside 4 women, 2 of which are topless.