That's more accurate. Shifu is just intended to translate the English "master".†

Note that it isn't the Chinese word for "teacher", which is 老师 laoshi. (Same "shi".) Shifu is a different title.

ABC provides these glosses:

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师傅 shīfu

1. master worker

2. tutor of a king/emperor

3. [PRC] general term of address in the late 70s and 80s

4. [courteous] term of address for service workers [such as a carpenter]

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The Tuttle Learner's Dictionary provides this note:

> 师傅 shīfu is [] a polite form of address to a worker. For example, an electrician or a mechanic can be addressed as 师傅, or, if his family name is 李, 李师傅.

It is how martial arts instructors are addressed, but not how teachers are addressed. Teachers are white-collar.

† In the movie, it's pronounced with the FLEECE vowel, as if it were the English words "she foo", for no reason that I can understand. To an English speaker, the Mandarin word will sound like "shiffoo", using KIT and not FLEECE in the first syllable.