No, Mary Poppins would apparently no longer be a film to show to the younger generations... The United Kingdom has simply reclassified the 1964 film for "discriminatory language". It is no longer considered "suitable for all audiences".
According to Première: "A BBFC spokesperson explains to Variety that the term "hottentots" is used twice in the film. It is a derogatory term suggesting a form of racism, to refer to the Khoekhoe, an indigenous group from South Africa. It is Admiral Boom (Reginald Owen) who uses it to refer to the chimneysweeps whose faces are covered in soot."
Mary Poppins was classified in the UK as "U" which means Universal. Now, the film has been given a "PG" rating meaning "Parental Guidance" equivalent to our French parental guidance. « We understand, after our research on racism and discrimination, as well as our recent research on classification guidelines, that....A major concern for people, parents in particular, is the possibility of exposing children to language or behavior that they may find offensive or repeat without reason and without realizing the potential harm. Some remarks or behaviors are therefore not allowed under any circumstances for the U or PG categories, or depend entirely on the context. It is worth noting that this is not the first time that Disney films have been reclassified. For example, on the Disney+ platform, films such as Peter Pan or Dumbo are no longer accessible to children because of scenes deemed racist. They can only be viewed on parent profiles. Source: Source