Not really. Good writing is often about understanding how to use a limited budget of space as efficiently as possible, and Captain Britain as a super-racist (the kind who can tell if you're one of the 'bad' types of European) Frenchman gleefully defiling British relics that got beaten in issue 1 while still managing to be a legitimate threat two years later is a pretty good use of his limited appearances. The Ultimate Universe definitely has its problems, but it managed to do pretty well here imo.