My humble opinion, I am a very low hours pilot with too much to live for to take chances...
I do know of one person who perished in fire (R.I.P.) crashing after turning low and slow for finals.
And in my groundschool a pilot owner twice had the smell of smoke in their cockpit (once from an electronic device install and secondly from bodged repair of said install)
That's 3 fire incidents in spam cans that I can recall in the last 18 months.
If a Nomex suit is available , ALWAYS wear it , even if someone has put a few badges on it , no one really cares. and if it gives you some protection from flames until you land then good for you.
As for wearing stripes and bars,I can also understand this for when we have friends / family aboard and we wish to convey as sense of professional environment.
Yes I will admit to having worn stripes before and it did stop my best mates from having any sort of messing in the aircraft , so if it works ...
I do realise I may have to buy a few of our respected forum members the occasional pint when I roll up to the bar wearing stripes, which is not such a bad rule now that I think about it.
Be safe,
Fionn