Absolutely. Costume can say so much, I'm amazed at how many make the argument that outfits that are barely-there offer variety, when if there's one trend that says nothing it's the stockings and short skirt on combat characters. Everything from Valkyria Chronicles to Fire Emblem to Trails to Tales and Xenoblade and back again, it's done to death and just screams 'generic sex appeal!' as it's first statement rather than something more interesting.
Speaking of Fire Emblem and the worldbuilding/character background that a costume can suggest, one of my faves is Titania. The surcoat suggests knightly, and the layered outfit of leather, cloth and plate suggests competence, (she used to be a Knight) but what I love is the tiny bit of medieval dress-style-lacing beneath her breastplate. It's such a tiny detail and says so much, it's a single delicate, feminine touch to her costume that is otherwise all sweeping lines and heavy armour. There are several dozen more recent female characters in the series that wear much less, but to me Titania looks recognisable, lovely, feminine and dangerous all at the same time. Sure, that stitching should probably be covered in armour to keep my point coherent, but it's such a nice characterful detail for a fantasy female knight that it takes it past that for me. I imagine if designed today she'd probably be wearing a g-string, stockings and a crop top with a bit of armour on her elbow or something :-)
