No, not all. I think the truth is somewhere in between.
But not just for Mayweather...this is the case (to a lesser degree) for fighters going all the way back to the early 1900's - If the networks didn't control the fighters, then the governing bodies did, and if not, then the manager did (in-bed with the Newspapers), and if not...then it was influenced by organized crime...or by outright underworld elements (1800's).
However, with Mayweather, it wasn't just picking certain opponents over others, it was also WHEN he chose to fight certain opponents. I would have loved to see a 140Lb Pre-Margarito Miguel Cotto (WBO champ) vs. Floyd ...no dice. Another fight that could have been interesting would have been a rematch with DeLaHoya at 154Lbs (the first fight obliterated financial records). DeLaHoya was down, but Floyd retired for almost 2 years...
Floyd was also handled and advised by both Roger Mayweather and Floyd Sr. - As an example, when Tszyu lost to Hatton at 140Lbs (in the same month that Floyd was fighting DeMarcus Corley), Floyd somehow avoided fighting a 140Lb version of Hatton. Floyd fought Hatton at a higher weight 3 years later. When Floyd had a chance to fight Winky Wright at 154Lbs, both kept making demands, until Wright refused rehydration clause and 55/45 split...and Floyd walked. Floyd also could have fought Kell Brook after the Pacquiao fight...or fought Shawn Porter...or he could have even fought a green Errol Spence...he did go up to fight a green Canelo after all...No dice.
Floyd Mayweather Jr. is one of the greatest defensive boxers of all times. And on the All Time Great P4P list, I would definitely put him top 60 (as there are simply too many ATG with better fighters beaten..in more difficult situations ahead of him)...but his greatest legacy was being able to control the financial, business end of a sport that has historically taken advantage of its fighters.