Given that knighthoods are usually handed out based on merit I think that's pretty much the opposite of the UK class system (which is not based primarily on wealth and therefore doesn't have an implicit link to merit).
I guess my comment (note the "mostly") was based on the assumption that more of the bog standard knighthoods are handed out rather than the fancy ones.
That's the problem - it's mostly a "jobs for the boys"
Almost all the civil service above a certain rank get knighted same with the armed forces and retired politicians.
They throw in a few show biz celebs and the occasional worker.
It would probably better if the system was a sort of "living blue plaque". There are people who have genuinely made the country a better place, either in business, arts, science etc - they should get recognition above those who simply became a permanent secretary.
Given that knighthoods are usually handed out based on merit I think that's pretty much the opposite of the UK class system (which is not based primarily on wealth and therefore doesn't have an implicit link to merit).