Is a black or midnight blue velvet smoking jacket in the same playing field of formality a traditional dinner suit/tuxedo? If so, are there design aspects that make it more or less appropriate e.g lapel shapes, single or double breasted etc…

I ask because I’ve been invited to a black tie event which is not a common occurrence for me and think that a single breasted velvet jacket might serve me better in the long run because I could potentially work it into outfits for less formal occasions, rather than letting a tuxedo go to waist in my wardrobe.