they are based on the Blue Angels, but as I am not American, I am not familiar with them and what they do. We do however, have our own variation of them, the Red Arrows. Which are military, but not used in combat, they are entertainment and a national symbol of morale.
I assume the Blue Angels and Wonderbolts would be the same terms. BUT We have seen the Wonderbolts deployed as military units. The episode where Spike grows full size, its the Wondebrolts who attempt to come to the rescue as authority measures, but fail. The main one is the use of the Wonderbolts as an Air Force in the Crystal War against Sombra. Ok so its a different timeline and the Wonderbolts will likely have been reassigned to combat, but that would not have taken effect until Sombra returned. We would note that peace in the timelines are the same until the Crystal Empire returned.
Then there is the History of the Wonderbolts. Originally they were part of the Royal Equestrian guard, but branched off for morale entertainment purposes.
So I would say that they are trained to be ready for combat, but its not needed during peacetimes, which is why they don't come across so militaristic. Heck, even Dash just wants to join up to show off her flying skills, not to enlist.