No. The main incentive to work is to have something meaningful to do with your time. Every experiment with UBI has shown that — given guaranteed support income — people are generally happier (or less stressed) and have a greater incentive to find work because the disincentive of reporting job-searching efforts is removed.

In addition, under a UBI everyone who has a paying job will have more disposable income than people who don't have a paying job. So while UBI will cover rent and food, if you want a nicer house or other trappings of luxury you'll need a paying job to find the extra money.

Nobody is going to be setting up a real estate empire or discovering the cure for cancer on UBI.

Another thing UBI will achieve is allowing people to move jobs without fear of being trapped in poverty. They won't settle for a low satisfaction, low pay job and will move to optimise their personal benefit.

Finally: UBI is not about "handing you everything you need." Universal Basic Income is there to provide for the basics: food & shelter. That's it. It's not supposed to replace an average wage, it's supposed to provide the minimum cost of living.

With means-tested social benefits, that is not the case, and, in fact, you lose some (or in some particularly perverse, but unfortunately not all that uncommon cases when multiple means-tested programs are involved, more than all) of the additional money gained by adding work to reduced benefits.

That is the disincentive UBI removes (or, more accurately, reduces and/or pushes to a higher income level, because you run into it—though not the more perverse form unless marginal tax rates are above 100%—in the taxes to pay for benefits.)