Sure, that’s why there have never been any authors that became famous despite being poor and deliberately writing with that affect.
Good writing style does connote good education, and in environments where being upper-class bolsters social standing, some people flaunt it to signify class, as they would with any other wealth signifier, like expansive shoes.
I am a union tradesman— the third generation to work in manufacturing in this area. Affecting an upper-class identity diminishes social standing in my environment. Having a lot of money, definitely doesn’t. My dirty work boots probably cost as much as many of the trendiest shoes on the market, and the guys at work know that and admire them… but my wearing them doesn’t signify class. Similarly, you can use good writing style in a way that shows you went to a good school and paid attention without wearing it like a Harvard Business School fleece.