Yes, and no.
Corruption and embezzling were rife in some areas, and not necessarily just in the richer parts, like India. There'll always be that part of human nature, but on the whole, Empire proved to be a good idea for most regions it "took over" - The Pacific and Americas (North and Canada, rather than Southern, I should say) were especially well done by (American colonies revolutionary anti-British-rule propaganda, aside). Africa, too, but to a much lesser degree - although here, mostly, the establishment didn't listen to the local experts - T E Lawrence in particular example regarding Saudi Arabia.
It was only the later part of the 19th and early 20th centuries that it began falling apart - given an increasing degree of self-control, they .... "went off the rails" for want of a better phrase. Corruption, and mismanagement and outright misgoverning rose. Rhodesia is a prime example of the failure of GB to control properly.
By the end of WW2, pressure from USA (they'd basically bankrupted the UK with their lend-lease armaments program) hastened the collapse. India had been demanding independence for decades, and very soon after the end of the war, it was given to them, along with the creation of .... Bangledesh (or was it Pakistan? - anyway, both those states were created for the Muslim minority population of India while the Hindu majority remained in India itself).
The Middle East "Mandates" and "protectorates" with Malaysia in the Pacific rose up in protest and wanted their own independence, too, very soon after India. Israel was created after the withdrawing of the Palestinian Mandate (and if I'm honest about that, we messed it up big time - mostly due to American influences, again - Palestine should have been dealt with properly at the same time, rather than being left to swing in the wind. :\ )
Africa's always been an open sore - no matter who "ran" it, Brits, Italians, French, Germans, themselves.....but with the collapse of the rest of the Empire, we pretty much pulled almost completely out of that, and left them swinging, too...although some were offered help in setting up functional governing systems, most refused...
The Windies, and Caribbean are doing fairly well on their own (at least those parts that had belonged to the Empire, anyway).
Australia, New Zealand, Canada (British part anyway - we tend to ignore as much as possible the French part, lol ), and hell, even the USA, despite their idiots in control, are something to be proud of our part in their history, and their parts in ours. (fnarr, fnarr, I made a double entendre!)
In real terms, despite starting in WW2, the Empire officially ended fairly recently - Falkland Islands war in 1982 was a blip, more or less, that reversed, temporarily, the collapse -
[interesting note here - pretty much the whole world stated UK couldn't successfully defend the islands from Argentina - it was too far, no local support, we didn't have the forces, etc. Even the US officially said it was a waste of effort and provided no military support - although unofficially and secretly, they provided satellite reconnaissance and intelligence for us.]
Canada voting to sever most ties and enacting their own constitution in the same year pretty much killed the North Americas for us.
The final nail in the coffin would have to be the "lease" we had on Hong Kong. In 1997 it was "handed" back to the Chinese after the best part of a century of being under British control. It's still pretty much our crowning achievement (at least until 2047 when the Chinese go all Tienanmen Square on it :\ ) - Sorry, Australia and New Zealand and USA and Canada, but you know it's true :P
We're damned lucky a lot of the old Empire still like us, and our ways, and joined us in The Commonwealth, and we should be taking better care of that, than being forced against the majority will, by our leaders, into the European Union :\
But that's another LONG story.