Maybe. However many scholars and other authors (Isaac Asimov comes to mind) have criticized this tendency in Tolkien. There's an extent to which Middle Earth post-War and the Shire in particular are wish fulfillment. This is what Tolkien wants the world to be. For one recent take see The Anti Tolkien in the latest issue of the New Yorker which gives Michael Moorcock his say:

Moorcock thinks Tolkien’s vast catalogue of names, places, magic rings, and dwarven kings is, as he told Hari Kunzru in a 2011 piece for The Guardian, “a pernicious confirmation of the values of a morally bankrupt middle class.”