Not in my experience... have seen plenty of very loud and proud Prem tags in my time. Including one who just arrived with me into LGW last week and was seated next to me... mentioning no names!

Personally I couldn't think of anything worse than tagging my hand luggage with anything, but I do use the tags on any hold bags as it avoids me having to write out name tags every time. It's rare in my experience that BA lugagge delivery actually reflects the class flown and BA tags don't appear ever to have helped or hindered that.