I mean, it didn't set in motion the chain of events exactly, but it was that sort of hubris that caused him to go on the run rather than go straight to the Ood when called, which due to weird personal timeline/causal nexus stuff meant that the Master was revived (mostly) uninhibited, which led to his death. By The End of Time he's backed down from it, though, yeah. We do get that lovely scene where he breaks down out of it - "I did some things, they went wrong---"
Oh right, I guess it's true that things would have been fine if he had immediately gone to the Ood. I wasn't really a fan of the "Events that have happened are happening now." thing to be honest. That scene's great tho.