The answer is yes and no.
- The organization and your colleagues judges you based on the title. It's prominently displayed on org charts and people read your title before deciding how to respond to your requests.
- Your title is stagnant while others seem to get timely and regular upgrades.
- Your own relatives / friends judge you based on that. This happened to me when someone close remarked - "Oh I thought you will be an XYZ by now."
- The role you are expected to play is not matching the job level that goes with it. It's a mark of deception, lack of sincerity and commitment.
- People tell you what's in a title. But only to you. Not to others.
- When you do your job. You should not get limited by limiting titles. Play your A game always. It does pay. However long be the wait.
- True satisfaction and growth comes from you what you do and not what people call you.
- When we die we take nothing along. Titles included.
Titles are like how Advaita Vedanta addresses the reality of this world. At the transactional level, it is true and important. At the absolute level, it is not.