It does symbolize it in certain cultures more during the older traditions, but some still use it in that sense today as well. Not all cultures are like this though.
It depends on the culture. Most East Asian cultures see it as a gift you get for a partner that you've been together for many years or are very serious about each other. Which is why when you watch Taiwanese/Korean/Japanese live dramas, you always see that scene where the Female Lead is trying to buy a gift for the guy and bumps into the third wheel girl in the tie section. And then the third wheel girl goes on a monologue about the colors/fabrics of the ties and the guy's eyes or the types of suits he wears and which ties fit him best. And either walks away without buying anything or buys multiple ties she deems fit for the guy, smirks at the Female Lead, and walks away.
Since when does giving someone a necktie or a tie-pin mean all that?!? Side note.. IF it does mean all that I've given my brother's some really questionable gifts over the years.. ─=≡Σ(╯°□°)╯︵┻┻