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Yes, but not as much as they once did. A formal ball (a very expensive dance, where everyone must dress elegantly), used to be one way that the royal family could socialize with influential and important elites in society. Being invited to such an event meant you were a person of high status, and probably a member of the upper class. But these days, we live in a less formal culture; plus many countries are going through austerity and holding expensive formal dances might be seen as extravagant. Thus, while state dinners and royal balls still do occur in countries that have a monarchy, there are a number of other ways for elites and royals to interact with each other.
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