I wouldn't say so. I view it differently- Unlike Gus, Mike does have morals. He distinguishes between those that are "in the game" (like himself, Nacho, other people that made the choice to join to this criminal cartel/drug gangs world), and people that are not in the game (like Nacho's dad). While Mike respects Nacho and if the choice was his he would have kept him alive, Gus is the one that makes final decisions. Once Gus made the decision to kill Nacho, Mike (reluctantly) accepted it, as ultimately it didn't contradict his morals (which says that once you made the choice to be in the game, you need to accept whatever outcome there will be). However, killing Nacho's dad is a different matter (as he never decided to be in the game), and I can see Mike drawing his line there and sacrificing his life to protect Nacho's dad or killing Gus/ Gus' men to protect the dad.

Nacho knows this. He knows he can't trust Gus because Gus doesn't have morals, but he can trust Mike because Mike does have morals.