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This photo is peak '90s

QUINTON Black Velvet 61" Wide Dresser with Jewelry Storage Centennial MSRP: $1,079.99 Price $855.00 Introduce royalty to your home decor with the glamorous QUINTON dresser that has been upholstered with velvet fabric and tufted with crystals that sparkle perfectly

In a word, yes

The option in black tie optional is for anyone who doesn't own or have access to a tux, in which case youd wear a dark formal suit (similar to a cocktail attire look)

However, sky-high heels are not the only acceptable option for modern formalwear

They might gift VIP to someone who is consistently making awesome outfits (even without VIP) or someone who is being kind