Of course there are exceptions. Usually for top companies in the few professions such as law, medicine, and engineering, they look to the school name as differentiator among job applicants. Then, in these cases, they do hire the cream from the so called top colleges.
But 90 plus percent of college grads seeking jobs dont fall into this top professional category. In these cases companies only care about the degree being earned and rarely care about the school (unless you were QB of the UGA football team - - a category that is even more impressive to some than graduating valedictorian from Harvard!). Companies do also care much about your extracurricular as well as degree. I know, I have been hiring myself for some 30 years.
In the real world, at most companies, most Harvard grads (using Harvard as the "generic" top school representative) typically work for a CEO who graduated from a local private or second tier state university.
Percentage wise, many ivy league grads fill positions in this and former fed administrations and supreme court. Our current SC nominee was formerly president of Harvard. Does this impress you? Not me. Are any of us really impressed with all the Harvard and Yale "graduates" who currently dominate the highest positions of our Federal Govt?
Most of us appreciate the difference between "book smarts" and "street smarts"! Give me street smarts any day.
Posted by a MBA holder as well as an undergraduate degree from a well respected state military college, both schools, while not a top tier Harvard, are still well regarded for their academic programs.