I know engagement rings aren't normally worn but that's just the same issue expanded to an even more expensive piece.
I come from a pretty wealthy province, lot of oil money so it's not like the average person is that poor. People my age almost never wear their wedding or engagement rings, just ain't worth the risk. Older millennials, gen Xers, boomers all wear their rings usually unless they're either cheating. Not one of my friends my own age ever just casually wore their rings though.
Maybe it's not the same everywhere but I don't think younger people really prioritize wearing their wedding ring like people used to. Personally I would refuse to even get a wedding ring or engagement ring or marry someone who insisted on either, it'd be too much of a conflict of principles. I don't want my money going to some god awful multinational mining company that gets rich off of killing poor people in the third world, that's a downright shitty symbol of love imo.