Thankfully, the truth is actually the opposite. He was worried his career was basically over since he was expecting to just be typecast as Mr. Roarke and then TWOK came along and he realized that people remembered him as an actor in other things. He still had another couple of years on Fantasy Island, but it was a total game change for him.
He also opened up a theater (as in stage plays, not films) in Hollywood.
Hey! He was also in Conquest of the Planet of the Apes and The Naked Gun: From the Files of Police Squad!
Seriously though, I'm guessing he would consider it to be one of his top roles. I know he was very proud of how in shape he go to do it (that really was his chest despite the rumors).
What's awesome was he still kept getting voice-over roles once he was confined to a wheelchair for the last years of his life.