I don't understand the tendency to attribute harmful behaviours of the rich and powerful to these strange, irrational reasons. No, UK leaders didn't spend millions upon millions on propaganda because they have a fragile identity. They did it because they'll make money off of it, and will be able to move the legislation towards their own goals.
It's the same when people say Putin invaded Ukraine because he wants to restore the glory of the Soviet Union. No, he doesn't care about any of that, he cares about staying in power and becoming more powerful. One of the best ways to do so is to invade other countries, as long as you don't lose.