I think there are some who fall in this category, you are right, but you cannot generalize.
I know some serious collectors, with big money, who don't own any Patek or Rolex or AP... But who love some under the radar Heuer, Lemania, Minerva, Longines and so on. Do they fall in your category? Certainly not!
Also, some gentlemen who buy Patek watches don't fall in this category, either. They are genuine watch lovers, not investors nor guys who buy watches for their " social status ".
Aaah, I love this topic!
Best,
Nicolas