No, their biggest mistake was having no clue what they were doing or, why.

Nokia were a tech slop factory - one new model roughly every two weeks, with no obvious strategy or rationale, many only superficially different.

Every so often they'd produce a classic that was ahead of its time, like the Communicator series, then by the time the surrounding infra had caught up they'd moved on and allowed a competitor to eat that space.

iPhone and Android were both killing them, and they had no idea how to respond.

Elop was the undertaker, and much hated for reasonable reasons. But the brand was already a zombie by that point.