Maybe. That is speculation. Obviously however, Felt had no interest in saving the Nixon administration from itself.
This thread chalked up a lot of speculation, very fast.
But I don't think my original premise is "speculation," other than in the dictionary sense. Felt is at bottom an opportunist who will--and would--do anything to advance his own cause. Therefore, as head of the FBI, he would have at least dragged feet/done nothing on Watergate...at most proactively engaged in running the investigation off its tracks.