Not all chronographs are born equal, but the answer is yes: some models were - and are - excellent dress watches. The main problem is that several timepieces of the past, for reasons of use, were very large, and because of this, beyond the professional use, no one would wore them on social occasions.
We must say that since the Sixties, the social rules of dress etiquette about wearing a watch have changed enormously. Many chronographs that no one would ever have dared to wear with a dress, today are instead not only accepted but appreciated. As far as size is concerned, diameters that once would have been important are now considered normal, and therefore, even the most sporty chronographs of a few years ago are worn without problems. The same can be said about the composition of the case: until the Seventies, any watch that was not made of gold would not be worn on formal occasions, while today, it is very common to wear steel timepieces even with tuxedos.
For example, a chronograph such as the Rolex Daytona is now considered very suitable for business meetings or social events, as the smart casual style has now taken over social conventions. However, there are hints that this trend is changing: the latest releases by major watchmakers seem to suggest that a return to classic elegance is in sight.
However, even if this trend is confirmed, it certainly won't happen overnight, so watch collectors shall rest assured that they will be able to wear their favorite chronographs on formal occasions for a long time to come.