They were and weren't status symbols.
The problem with so many people's opinion on armor and knights is that they combine multiple time periods. By the time Sport Jousting was in full swing then yes, you had status symbol knights wearing armor they couldn't really move in. But they never saw combat this way.
When you drop back some to knights and plate armor in the field it's an entirely different animal.
It also doesn't help that for years various fantasy sources (D&D, WoW, Various novels) constantly increase the weight of arms and armor to rediculous levels. Standard one handed swords jump to 2-3 pounds to being 5-8. Two handed affairs grow from 4-7 to being over 15. Plate armor goes from being 20-70 to being 80 pounds minimum. All kind of sad considering any basic search could get you the real numbers and results.
As for the gear, yeah, modern day carries as much or more and a lot of it's on their back. Was actually asked of my brother in law once he got back from Iraq and back into fighting. He said he'd rather wear his full armor and helm all day long than put up with his army gear for even half a day. (And his armor is more of the coat of plates overlapping style, so there's actually more metal on him than standard plate.)
The Root: Not sure on my friend's armor, though I'll point out that the T6 Aluminum that the SCA uses for armor isn't as light as it seems. As for my armor. Helmet is 12 gauge mild steel, rest of my armor is 16 gauge.