I agree and go further to say I've seen people with demonstrated contributions suddenly clearly being more valued when they get a title, to the point that nothing changes about what they do but others rate the impact as being larger after a promotion, to the point that they eventually are actually having larger impact just because others now believe they can / should.

I've also seen the opposite, perfectly fine engineers get worse after a promotion due to the weight of the title, without any other change to their work / schedule.