i think you can get some respect by telling people "i'm in a band." (though you can achieve the same level of respect by telling "i work in a power plant", "im a hockey player", "i can hold my breath for 10 minutes" etc.
)
youngsters tend to view it as a cool thing while adults may have various feelings about it.
if you are male&have long hair it is almost certain that you'll get distrust and strange looks in the first step. if they remember their time when they rocked to beatles, deep purple, <local band1-localbandxy>, then you might get the respect mentioned above, spiced with a bit of envy.
the only people who may treat you like "better ppl than civilians" are your fans. it is most probable that fans from other genres will laugh @ you.
(if youre a punk... the whole punk-ism is a laugh for outsiders; if youre a trrue metal musician, the high-intellect bunch from other branches of metal will treat you like a stupid metal warrior; if youre like MDB/Anathema/etc , others will insist that youre a sentimentalist weakling; etc.)
it is obvious though, that being in a band dont make you better or worse as a human. you may (or may not) be able to play an instrument, write songs&lyrics, but thats all.