Really hard to give concrete answers here. Depends which college you at tbh. Imma keep it real, at the college im at aside from the gowns (which are kinda meh) its not any more snobby than the rest of the uni but it really depends on where you're sat (table wise) and what your snobby threshold is. Personally I'd say its a fun little gimmick.
At my formals they do give you a (slightly puke inducing) page of etiquette guidelines to follow (bow to the high table, dont turn your back on the high table), and there is a bunch of cutlery to confuse us working class kids, but its not a biggie and they dont seem too strict.