To a fair extent.
First, there is some correlation between price and quality in mens clothes, but less than people think. A number of high end names command high prices but are made of mediocre fabric, are unremarkable, do not fit well or do not hold up well over time. Some cheaper brands are well made, fit great and are less old-fashioned.
Clothing which fits badly or is made of cheap materials is fairly obvious. That said, off the rack stuff from decent stores is often of decent quality and may or may not fit well. Some of it is excellent.
It is easier to judge mens suits by feeling the fabric or the fit by seeing the person drive, dance or raise their hands. Many small things are not often seen with cheaper suits. Even so, cost does not always equal quality. An expensive suit can be a hideous colour, look ridiculous, or be the wrong material given the weather.
Women’s clothing is tougher. Don’t know it as well and cheaper copies are often directly from the expensive ones so still can look good. Some women could get away with wearing anything. Very stylish women are rarer than you might think and this is independent of her other qualities.
Ties in particular should be made of nice material, but the match is much more important than the cost.
These days, it should be said, suits are not always the most appropriate clothing in the way they once were. This is more true after Covid. Many women actually do not much like men in suits, seeing just this as a turn-off, unhip, paternalistic or egotistical. However, in my experience quality women visually do. Even so, ties are not worn nearly as often as they once were, even with suits, and sometimes it is best to combine quality clothing with stuff that is cheaper but more fashionable.
At the moment, charity and second hand shops are full of quality suits discarded by those who now think them archaic. They cost very little but vary a great deal.
