Kind of but at some point the rubber meets the road. You see a lot of comments on HN that say "Wow, this person came from a top university / FAANG and yet couldn't pass our interview or did badly on the job."
If you take only the people who can pass the interview and do well on the job, the ones from top universities/FAANG get more opportunities to interview in the first place.
It's much easier to be a capable person who is associated with a prestigious institution than to be a capable person who isn't.