This is definitely incorrect. If you graduate with a low-value degree from an Ivy League, you're still going to be just as unemployable as somebody that graduated from Party U with a low value degree. The only real difference is that at top schools there are less people that are completely directionless in life (since you're less likely to get admitted in such a case) so if somebody is graduating with e.g. a philosophy degree, then they're probably doing it explicitly with the intent of going to e.g. law school or on an academic path, whereas many people at lower ranked universities end up there largely through inertia and may pursue degrees of minimal value with no real thoughts beyond taking the easiest path to achieving a college degree, which is the direction they were pushed onto without ever really thinking about it.

And even for valuable degrees, the advantage yielded is far less than you might think. It's not like the movies where you have dozens of companies begging you to come work with 6 figure starting salaries and fat bonuses up front. You open a few more doors, and people have a better than average initial impression of you, but at the end of the day - it's not a world-shifting advantage. The overall edge in outcomes is not because of the university, but because of the sort of people that the university admits. The sort of guy who graduates class president, valedictorian, wrestled at state, and with a near perfect score on his SAT is going to do disproportionately well in life completely regardless of whether he ends up at MIT, Party U, or just skips university altogether.