No of course not.
I both walk and cycle, and bells are necessary. I ding lightly even when there is plenty of room, so that they are not surprised, and also so that they don't accidentally step into my path.
I appreciate it as a walker too, and it's often easier for me to step slightly aside if it's not totally paved path etc than it is for the cyclist to go around.
I rarely read any sort of entitlement into it, only plain fact - they are faster, they need to get by, we need to negotiate a way to do so. The paths around here are shared use, and we both want to continue on our way at a comfortable speed.
I've had pedestrians being annoyed when I use the bell or when I don't. Some want me to creep slowly behind them for ages until there is an area where I can cycle to the side of the path to go around them, rather than them walking in single file. I'd hate to have a cyclist creeping slowly behind me! Others get annoyed if you go by them even with loads of room, without ringing a bell, as they are surprised.
Most people are totally fine and normal about it, and just move slightly to one side. Joggers often raise a hand to show they've heard you, if there's plenty of room to go past, to acknowledge the warning.