In a sense, sure, but I think mostly not: The motives are still not quite clear but Ilya wanting to remove Altman from the board but not at any price – and the price is right now approach the destruction of OpenAI – are completely sane. Being able to react to new information is a good sign, even if that means complete reversal of previous action.
Unfortunately, we often interpret it as weakness. I have no clue who Ilya is, really, but I think this reversal is a sign of tremendous strength, considering how incredibly silly it makes you look in the publics eye.