The USA variant of this is the briefcase or (more recently) the messenger/laptop bag. Not quite as expensive, but (arguably) still used as an indicator of social status.
Hence, not a status symbol.
To that generation that "gets it", though, then perhaps watches are status symbols.
A status symbol that people have these days is their house. Most people pay way more than they can afford, mostly to make themselves feel like they "fit in" with a "more elite" crowd. (I noticed this because I rent what someone with my income can afford, but the people I live with make a lot less money than me. They are using their housing as a status symbol; I am using it as a place to sleep and shower.)
You don't have to know the list price of a sports car to tell it is expensive. It's obvious just from looking at it.
They're pretty cheap.
For many, an old Mazda MX-5 is a superior track-day car to many newer vehicles costing several times as much.
The Ariel Atom is especially instructive, as it achieves higher performance by dispensing with the sheet metal -- which is the primary medium for an automobile's signaling.
While hackers may just use their phones it is unusual to see a wealthy banker, talent agent or lawyer without a nice watch. I would assume it is more prevalent in jobs that require a lot of signaling for negotiation.
[1] At one time, the maximum load permitted by USPS regs. And yes, they got that heavy. Especially when e.g. Time and Newsweek Tuesday (and a few other glossy rags) coincided with a Spiegel catalog (ugh).
Although I do consider it a minor victory when I can make it out with just iPhone, keys, and wallet in pockets.