I would actually say no, at least when it comes to when arguments for a meritocracy are used as arguments against redistribution of wealth from the more "meritocratic" to the less.
Consider, as a thought experiment, if instead of features like intelligence, communication skills, self-confidence, etc., that our economic system instead only valued basketball skills as the means for distributing wealth. That system would be a meritocracy: great basketball players with tons of talent and effort would be really wealthy and successful, while talentless or lazy basketball players would be poor.
I think this is a good thought experiment because of some of the things it highlights. Perhaps most importantly, all short people are pretty much destined to be forever poor in this meritocratic system. If you are short, what value would you see in abiding by this system at all if tall, great basketball players took all the gains? What about if instead great basketball players could be wealthy and successful, but they still had to pay a very large amount of taxes to ensure that short people didn't starve (or revolt).
While a (true) meritocracy may be ideal for how jobs are to be distributed, if it is also how wealth is distributed it means that it is also, by and large, a lottery of DNA. How is that any more "fair" than an aristocracy?