It carries a lot (as shown)
I used to hate all those levels so when I set it up at Sound United I just did it as:
Designer
Sr Designer
Associate Director
Director
At Nike it went
Designer I
Designer II
Sr Designer
Design Manager
Design Director
Creative Director
They might have changed it, that was 10 years ago.
At frog it was similar but they also had a principle designer track above senior for those that did not want to go into management but were valuable enough to get out of the pay bracket.