I think of it that way too. Entanglement is about information, and since reality is quantized, we can normally only talk about the state (wavefunction) of smallish sets of particles. "Measurement" means that a simple-state thing interacts with a big thing (instrument) whose wavefunction is too complex to handle. Interaction just means that the whole is governed by new combined wavefunction which whose complexity is more like the product of the wavefunctions (not just sum).

In this view, there's no "collapse", just a product of wavefunctions. Though the "bigger" wavefunction isn't tractable to treat as a wavefunction, computationally.