The most impressive candidates can demo something they've deployed. This demonstrates the ability to apply what you've learned AND learn the rest of the stuff as needed (e.g., spin up EC2, build basic front end, maintenance, etc.). The latter is more important and gives confidence that you take ownership and likely can do the same (i.e., end-to-end with results) in the company.
On the second point: having meaning in work differs from person to person. Some people enjoy pushing the envelope (research), others enjoy staying hands-on (individual contributor, IC), while some big picture thinkers enjoy coordinating (PMs). It's helpful to think back on what gave you the greatest satisfaction and work with your leaders to be a role that lets you perform your best.
I find it most fulfilling to build data products that are useful, relative to generating tons of revenue. I would be equally happy as an IC doing the hands-on or leading a small team and mentoring them to become more effective.