Pretty much - Brexit is a push to (slightly) tilt the British labor market to the advantage of the common British man - lower and middle class people who work for wages. Less workers from Spain/Eastern Europe will re-balance the market towards higher wages for Brits.
For the elites that will mean less profits so naturally they are opposed. If they were smart and played their game well, they would have slightly hiked the wages previously, thus opened some steam valves. I read the guardian (as liberal as it gets), and vast majority of leave comments pointed to stagnating or decreasing standards of living as the cause. Either way, democracy worked as intended.
