Definitely. Like Overgiver said, sure it is a bit uh.. unnecessary to have the WHC worn like that to the ring, but it fits his style, it fits the whole Show Off persona of his gimmick, so I don't think it disrespects the legacy (someone in my family who also watches WWE thinks it does. ). If it was disrespecting the legacy, he'd spit the front of the title or something like that, or do what whatever WCW did with the female title and throw it in a trash can. That's disrespecting, this isn't disrespecting it in the slightest.
This is sorta've off topic but: Sometimes I just freak out over how happy I am for Ziggler because I mean, fuck, this is the same title Ric Flair had, this is the same title Undertaker had, this is the same title HBK had, I mean.. he's on the list. It's just so cool lmao.
Check out the pilot for my webshow WISHFUL THINKING. It is a show about a college student who fucks up his day and a Genie grants him the opportunity to do it all over again and he finds new and creative ways to fuck it up even more.