Exactly - this is the biggest benefit of keeping the bag tag on. While technically entitled, we all know it is common courtesy to exempt the "next lowest" status from having to carry your bags unless there is no other option. I always pass over Platinums when looking for bag carriers unless they're the only ones I can find.

Note though that most have gotten smart about checking for older versions of bag tags - if it's really old, you'll be caught right away and may even end up having to hold a lowly Gold Medallion's bag if you're not careful.