Yes Chamberlain did base his policy on a wholly unrealistic assessment of the impact of airpower summed up in the mantra the 'bomber will always get through' and presented to the public through media like the film '
Things to Come'. The reality was of course that the bomber
did not always get through, especially if was attacking without fighter support(look at what happened to
Luftflotte 5 in 1940).
When bombers did reach their targets the damage they could do, especially with the aircraft available in 1938, was far removed from what the advocates of air power claimed.
Add to that the Luftwaffe's propaganda success in tricking the British and others into substantially overestimating Luftwaffe strength, helped by the likes of Charles Lindbergh.
Perhaps if Chamberlain hadn't fallen for this hysterical vision of bomber power he might have made a better job of Munich.
At a time when the British had no fighters that could fly high enough to hit the Zeppelins you mean? A situation that no longer applied in 1938.