I've literally only ever heard that expression used in England, but yes, wedding presents in Ireland are generally more lavish. (I very much liked, when living in England, smaller and more modest weddings, and the 'self-catering in a village hall' type of reception, which doesn't happen much or at all in Ireland...)
I think there's an ingrained horror of looking stingy, particularly in food or hospitality, in Irish society which I assume is a hangover from widespread poverty in the fairly recent past. My mother massively over-caters for anything she's hosting, and because she, like many of her generation, thinks it's rude to accept an offer of food or drink first time, she believes everyone else operates according to similar 'rules' and overrides perfectly sincere 'No, thanks'. She once caused enormous confusion when she decided that visiting US cousins, calling in their way to the airport to say goodbye, were only 'being polite' when they said they would already have eaten (flight was about 4 in the afternoon), and had produced a three-course meal when they'd planned a ten-minute flyby.
She and my father were genuinely shocked that our 'posh' English relatives, having agreed to pick them up at Heathrow and drop them to the disabled, non-driving family member they were visiting, pulled into a layby somewhere and unpacked a flask of tea and sandwiches. To them, that was unbelievably miserly and incompatible with people who wore driving gloves (!) and played golf.