I'd point out that this only guarantees you admission into the general studies / undeclared school. It can still be difficult and competitive to get into the engineering or business school for example.
A law was passed in 2009 for the University of Texas specifically, that stated "the university must automatically admit enough students to fill 75 percent of available Texas resident spaces" [1]. That 10% number has dwindled down to the top 6%.
As a past automatic admission, I'm horrified hearing stories from coworkers. The process was never stressful for me -- I sent in one application, heard back before the holidays and was done.
[1] https://admissions.utexas.edu/apply/decisions#fndtn-freshman...