Yes, it is often referred to as "networking." In other words "keeping in the know" or "keeping an ear to the ground." Referrals from people working in an industry may sometimes allow people to get early notification of a company that has upcoming vacancies. Similarly, references from somebody already working for a company might help an individual to get an interview or to have their CV's stand out from many similar ones.
Obviously, it guarantees nothing. However it can be a useful addition to the job seekers toolkit. There is no particular correlation with either "professionalism" or "air safety" since networking is not a substitute for either.
Whatever job you are applying for, professional and personal references often play a significant part and "flying a multi million pound jet with passengers" is no different in that respect. Companies are looking for the best people they can recruit, and a reference from somebody that has an established and respected track record within that company may provide an advantage in some cases. However, in itself it guarantees nothing, and is not a prerequisite to selection or employment.