Does the skeleton suit do anything special?

According to this article, the skeleton suit does nothing noteworthy other than turn Mario into a skeleton.

Spoiler alert. Donning your very expensive skeleton costume does absolutely nothing. Zip. Nada. All those coins for a Halloween costume.

A video of this can be found in this article.

Wearing it does actually let you go in the room in the sand kingdom that the game normaly expects you to use the poncho to get into (the day of the dead skeleton guy does say you have to “dress like one of us” :)) but beyond that it’s just cosmetic and not really worth the hours spent grinding for it imho.