Not having served myself, I would say “no,” with the caveat being that you don’t buy a whole uniform and purport yourself to be that person with that rank or similar. Most surplus shops sell the BDU clothing without insignia or nametapes anymore anyway.
Besides, wearing an old God’s plaid (M81 woodland) top with jeans or carhartt’s is just a level of pimptasticness that’s hard to beat.
You can wear a full accurate uniform and not commit stolen valor.
Just like actors in movies, or people doing historical reenactment.
We have quite a few around where I live ... of course based on their age people know they are not real soldiers or veterans.
Of course if you wear a full modern uniform to Walmart to get military discounts that's another story.
And the same way you can commit stolen valor without wearing any uniform or insignia.
It just depends what you tell people.
Or even what you don't tell people when they assume you're military.
You even have folks who never served who have "military" tattoos ... Like Seal's tridents and frogs.