Not really.
They've come in and bought a club that was making no money, and are making what they think are the right business moves to start making money. The reality is that since they've changed to the red home strip there has not been a noticeable drop in attendances and the Cardiff supporters i know still go to the game, they just buy the away strip which is the same blue as the home kit has always been.
Changing the kit is extreme but it's hardly 'abuse' of money, they rescued the club and can do what they please with it within reason. It's not like they've changed the name to FC Welsh Dragon Stars.
And the Everton argument doesn't really stand up, because the kit colour has a much deeper history which goes hand in hand with the rivalry with Liverpool. A lot of Cardiff fans were in favour of the change if it increased the profitability of the club and meant it could survive in the long term.