No, that's the best thing that can happen for him. A GOP blowout will save his presidency and assure him re-election just like Bill Clinton in 1994 cause they will push the agenda back towards the center.
No way will Obama be re-elected. A GOP will just begin the task of righting the ship. The turnaround cannot really occur without a GOP President. The public knows this. I predicted he will end his term with approval in the high 20s and be widely viewed as a complete and total disaster. Clinton won in 1996 because we had Bob Dole, a complete Doofus running for President. Clinton also tacked to the right, if you will recall.