That's true, if by "does not have something like the 4th amendment" you mean "has Article 8 of the ECHR", and by "which means that things like the Terrorism Act 2000 pass without challenge", you mean "which means that things like the [suspicionless stop&search powers under the] Terrorism Act 2000 are ruled illegal by the European Court of Human Rights[1] under Article 8 and consequently repealed under s. 10 of the Human Rights Act[2]"
[1] http://news.bbc.co.uk/1/hi/uk/8453878.stm ; http://hudoc.echr.coe.int/sites/eng/pages/search.aspx?i=001-...