In African American culture? Yes and no. As a Mulatta, I know that many Blacks will always resent me for being part White and not "Black"enough.
But at the same time, light skin & "good hair" are very saught after in the African American community, just listen to many popular rap songs, they almost always mention a " thick redbone with long hair" or "caramel skin".
In the White community, I suppose Mulattos are put on more of a pedestal than Blacks, seeing as we are closer to them. ...But looked down upon because at the end of the day, we're still Black.
So to sum it up, yes and no.
We'll never be Black enough for the Blacks, but Whites will always consider us Black.