I suppose the real question - do posh people play a different sort of folk music?

Its the same words and notes, but it fulfils a different function. Posh people do it to preserve something they think is worthwhile and they don't want to die out.

Whereas folksingers are ......

I dunno,   its not easy to define is it? the 1954 lot are plain ludicrous in their arrogance - only they can't see it.the rest of us can, with our midi interfaces and 10 thousand quid concertinas that help us to express ourselves in a folk idiom.