Unfortunately, these kind of things do make a difference. How you dress is not relative to a fixed moment in time, and does relate to current fashions and also your age - as well as the job. Although you might think you are looking smart, the person employing you might think there is a problem.
Current trends:
This is the most important one. Time was where all men wore hats. They don't anymore. If you went to an interview with a fedora on, it doesn't matter that no-one would have given you a second glance in 1950. They will now, and will probably think that you have a problem with attention-seeking or are just odd. Bracers are another one. Once they were ok, now they're all about the 1980s. This is much easier to explain in context of womens' fashion. Not so very long ago, women would go to work wearing seamed stockings. Today, what used to be absolutely normal is for a variety of reasons considered more akin to a sex uniform, and interviewing wearing seams will probably get you a big X from HR.
Age:
Like it or not, some things do vary with your age. It's perfectly normal to see an 18 year old in a suit. But it's not normal to see an 18 year old with an elaborately folded pocket square. Can you see how a 20 year old and a 40 year old applying for the same job might be viewed completely differently for having that same embellishment? On pocket squares at interviews, I would say - if you are under 25, tread with extreme caution. If you must must do it - do it plain white and folded minimally with one point or horizontal.
Job:
If wearing a suit is not part of the job, then I would say there's much less problem. However, if it is - the employer might believe that you will eventually start coming to work dressed like Roger Moore in a velvet smoking jacket.
REMEMBER WHAT BEAU BRUMMEL SAID:
Friend: "I know a man that is so well dressed that when he passes in the street, people turn to look at him,"
Beau Brummel : "Then he, sir, is not well dressed,"
If an interviewer is wondering why a 21 year old graduate has a Patek Philippe or a five-pointed pocket square, then you've done something wrong.