Just because he set up a scholarship in his name doesn't make the things he did any better.
One of the aims of the Rhodes scholarship is Anglicization. A person who did not study in English cannot apply (even though he is fluent).
Until recently they also excluded women.
In any cases, the legacy of Rhodes is despicable - even if he left behind a scholarship program. His creation of the state of Zimbabwe (with two different ethnic groups) results in problems to this day.