Lovecraft's cosmicism is atheistic. His aliens and monsters work as avatars of nature's apparent mindless indifference to the small-minded, self-obsessed life forms that have the misfortune of evolving in nature.

Cosmicism seems quite compatible with Buddhism in that both are opposed to naive egoism. Mind you, Lovecraft might go the Nietzschean route of positing transhuman egoism or heroism.