Yes. Flags are tier 1, Emblems are tier 2, legacy crate drops are tier 3 (Face Crate, Gear Crate, etc.), things that came from shop or the more "special" stuff is tier4+. There's some unreleased stuff in the tier 3 loot pool, so you will get some decent stuff there still.
Some people buy coins to purchase every single flag so that they guarantee better cosmetics. That's at minimum $40 USD to do though, so it's a bit of an investment. Expect to be getting a lot of flags.
