Did the Venezuela crisis mark a British retreat?

Did Britain's acceptance of American arbitration in the Venezuela crisis amount to an imperial retreat?

It can be understood as cooperation: Britain wanted to contain German involvement, and American arbitration let both countries pursue that shared interest.

Britain had joined naval pressure on Venezuela partly to restrain Germany and did not want German influence expanding there. American arbitration offered London a way to withdraw while maintaining that objective. The episode can be read as recognition of the practical value of Anglo-American cooperation. That interpretation makes it a diplomatic precursor to Britain's later support for the Great White Fleet.