I have a ComboBox with fairly complex template for individual items, which includes two images and several lines of text:
The selected item (in the ComboBox itself, not the dropdown) is not inside a ComboBoxItem so you can do something like this:
(Edit: Note that the binding in the for the selection box will throw errors because the RelativeSource is not found. There are various options of circumventing this, one being a custom value converter that returns true or false depending on whether the ancestor exists (manual tree walking).)