Not really. What quantum theory says is that a particle- say an electron- has an associated mathematical function (the wave function), from which you can determine, in a probabilistic way, dynamic properties of the particle, such as its position, spin direction, momentum and so on. The wave function is influenced by the particle's environment (that effect is modelled in quantum theory by terms in the Hamiltonian in the Schrodinger equation). If you measure a property of an object- the spin direction of an electron, say, you have to subject it to some process that has an effect on the object, so that its wave function after the measurement can be different from its wave function before. In the original Copenhagen interpretation, it was simply accepted that such changes happened in a sudden, discontinuous way as a consequence of an observation, since by making that simplifying assumption you can still correctly predict the outcomes of experiments.
If you consider, for an example, an electron coasting in a vacuum tube- it is in a region of effectively constant potential, so according to quantum theory its wave function is a plane wave. If the electron now impinges on a detecting screen, it is no longer in a region of constant potential- so that if you wanted to try to model its wave function, you would have to find solutions of the Schrodinger equation for a complicated potential determined by the chemistry of the screen.
If you like, you can model this in QM by saying that the electron was initially in plane wave state that 'collapsed' when it hit the detecting screen, and you will get accurate predictions that way. But by 'collapse' what you really mean is that it changed as the electron was influenced by the complicated chemical potential in the region of the screen having previously been in a region where the potential was effectively constant.
Finally, you need to be clear about what the wave function represents. When we say the wave function shows how the probability of finding the electron varies over space, we don't mean that the electron at any instant is 'really' at some specific point within the much wider region encompassed by the wave function. The wave function doesn't represent our uncertainty about whether the electron 'really' is. We know that when we detect electrons through localised interaction with other objects they act as point-like particles with a radius less than 10-18m. However, quantum theory suggests that it isn't meaningful to ask where an electron 'really' is between such localised interactions.