From a historical point of view, after all, Cao Cao never abolished the Han Emperor (BS: Marrying his daughter to the emperor). You can't say that he was disloyal to the Han Dynasty. A lot of contemporary people's understanding of the Three Kingdoms comes from The Romance of the Three Kingdoms, but this book is a "romance" after all, not a historical fact. The author of the book beautifies all aspects of Shu in his book (Zhuge Jin Yao, Liu Bei Ren De boundless, Zhao Shuai, Guan). The names of Cao Cao's five tiger generals are all in Shu, so that future generations can understand that Cao Cao is a villain.
However, judging from the poems, words and deeds left by Cao Cao himself, he is still a politician who cares about people's livelihood (BS: the north is more stable than other tongzhi areas in history).
Is Cao Cao loyal to the Han Dynasty? How can future generations tell? Only he knows. At least he can't be a rebel!