I think hypocritical would be a better term. In that you are asking if the nation's support of the Confederacy was contrary to its stated values. In fact, it was not hypocritical, and the moment it did become publicly hypocritical, the UK stopped doing it (publicly).
The thing you have to realize here is that while the South always maintained, from the very beginning of secession, that the purpose of their actions was to preserve slavery, that was not the story in the rest of the United States.
Initially Lincoln's chief goal was to preserve the union of the United States of America. At the very beginning, this meant to limit the amount of states that joined the Confederacy.
So since the rebels' main casus belli was the preservation of slavery, the Lincoln Administration, and the POTUS himself, repeatedly asserted that the war was not about slavery at all, and the USA had no intention of ending slavery.
From his first Inaugural Address (about a month after the secessions started)
I do but quote from one of those speeches when I declare that "I have
no purpose, directly or indirectly, to interfere with the institution
of slavery in the States where it exists. I believe I have no lawful
right to do so, and I have no inclination to do so."
Given that repeated public position from the US Administration that slavery wasn't actually under threat, and an ultimate Union victory would not alter it, it was a quite reasonable position in the UK to consider the war a domestic American matter, not a moral matter. In that circumstance, it made perfect sense for foreign policy to center the domestic commercial interests of the UK1.
This is why it is often said that the Emancipation Proclamation, and its timing (announcement in late September 1882, release in 1863), was largely calculated for its foreign policy effect. While it didn't free a lot of slaves directly, it promised to free every slave in any rebelling territory that got reconquered. Thus the war became, indisputably, about ending slavery. This made public recognition of the rebelling states as their own nation politically impossible in the UK and France, and public support of them politically dangerous (publicly).
1 - As mentioned in Dan M's answer