He can be taken that way yeah, but remember that he's the Kings advisor, also Ophelia died because of Hamlet, it's really his fault she's dead. And Polonius could want that daft bastard dead. Or he might just be totally doddering too, actor choices do that. Also Hamlet can play his madness in many ways too. Some people really like playing off of his more flamboyant "Words. Words words" character whilst some like his whole "to be or not to be" suicidal shtick much better. And some of the better Hamlets I've seen play him as a manic depressive, which is very fun to watch.
Yeah, I've even taken it to be the inspiration for a writing thing I'm doing now.
Kipling has some very vivid verse.