People definitely attempt to do so, and sometimes do so subconsciously. Some people dress for how they want to be seen or aspire to be, others dress as a reflection of their environment, including those they associate with, and that sometimes reflects the prevailing attitude and beliefs of that group (and sometimes not).

A simple example of this might be a haircut. Whether accurate or not, a mohawk often signals something to other people (and sometimes signals something the person that wears it, like "I may be ties down with more responsibilities, but I won't let that define me").

I like to think most my clothing choices are made because of practical matters such as comfort and fit, but even within my normal range of jeans to shorts and t-shirts to polo shirts (and maybe the less formal button-up shirt), there's definitely things that fit that criteria that don't feel like they fit how I think of myself. And that's as a man, where I think expectations to do with style and clothing are much simpler.