Not really. It's a mechanism by which UBI could turn out to be futile, but it's only a qualitative mechanism. Whether UBI actually becomes self-defeating via inflation is a quantitative question which nobody can honestly answer today because (a) a lot hinges on what the tax regime is like and (b) nobody has ever done the experiment, and we need the experiment to gather quantitative data. (Yes, there have been UBI experiments. None of them were large enough for macroeconomic effects.)