That's far too hyperbolic. Abject failures don't lead to state or power collapse. Look at how many wars the Romans lost, and far more catastrophically too.
From the article: "The crisis strengthened Nasser's standing and led to international humiliation for the British—with historians arguing that it signified the end of its role as a superpower—as well as the French amid the Cold War."
It then has seven different citations after it.