Yes, it is one of the reasons which may lead him to a year-off. He is 4x world champion and he may consider he has Nothing to prove anymore against this generation of drivers.
However, if he decides to come in the field and to face Meeke or Neuville/Paddon on their ground of to face them with a private team (M-Sport) or a new team (Toyota), it could be a thrilling challenge like very few other drivers have succeeded.