Grzegorz First gave an impressive presentation on the so-called pantheistic deities in ancient Egypt. He argued that Egyptologists have misused the term "pantheistic" since the so-called pantheistic deities were not pantheistic in the conventional sense. He supported the suggestion that they be called polymorphic instead. He also argued that polymorphic deities could refer to Christ. (Unfortunately I can not reproduce his argument here.)
He also noted that it is very difficult to interpret these figures because they generally lack inscriptions.