That's exactly right, although over time "nobility" added a layer of polish and distance which allowed it to pretend that nobles were more refined, more intelligent, and generally better people - when in fact they were just the most successful crooks.

This continued all the way through the 20th century, where the disposable deplorables did the fighting while the aristocracy profited.

There were even strong links to drugs. Look up the history of the opium wars for details.

Most of the UK's country estates were built from the profits of slavery, drugs, and colonialism - which is just nation-scale feudal conquest painted over with flag-waving patriotism.