Viewed through a certain lens it does; viewed more cynically it's a decadent utopia that engages in CIA-eqsue interference programs purely to stop a small percentage of dissatisfied citizens going haywire within the boundaries of the Culture. All controlled and directed by quasi-omniscient, paternalistic machines.

I think it's a very interesting exercise in exploring the space of post-scarcity, and Banks does a good job of looking at those consequences. It's telling though how little of narrative interest happens within Culture borders.

EDIT: But you're not wrong that it's at the upper end of the optimism scale!