Is “In his later years, undertook massive construction and made errors in appointing regents” true?

The 'Records of the Three Kingdoms, Book of Wei, Chronicle of Emperor Ming' records that in his later years he built palaces at great cost to the people's labor, and on his deathbed mistakenly entrusted the young lord to Sima Yi and Cao Shuang. (Original text: 「明帝盛修宫室，百姓劳瘁。基上疏曰：“臣闻古人以水喻民，曰‘水所以载舟，亦所以覆舟’。」——Source: data/raw/sanguozhi/魏书·徐胡二王传.txt)