Ish. Precisely because the suit is a corporate uniform, it can be medium-to-low status in a lot of contexts. Traditionally, servants would always dress slightly more formally than the people they serve, so being overdressed can send the wrong message. If the suit isn't of impeccable cut and quality, you can often look like a used car salesman or an overly-eager intern. The extreme example would be arriving at a cocktail reception in black tie - you risk being directed to the kitchen and handed a tray of canapes.

As often as not, a well-cut sport coat and trousers play as higher status than a suit. It explicitly signals that you're dressing well by choice rather than diktat. Many semi-formal flourishes can carry this connotation - brown dress shoes, a knit tie, an oxford shirt or a flamboyant pocket square.