I wouldn't say "far" more. There are multiple valuable components to a top tier education:
1. Social connections with your peers, as you mention.
2. Social connections with your professors, their graduate students, and their network.
3. The education itself, which should be intellectually challenging (more or less depending on subject, with STEM subjects usually moreso, especially at top tier schools)
4. The pedigree, which is a factor of the previous three, and should prove to employers etc that, at minimum, you can handle a large and difficult work load with precision and attention to detail, regardless who your connections are.
5. Various support services tailored to the stresses of a demanding undergraduate education.
Of those, an online education from a top tier school still gets you some of #2 & #5, and all of #3 and #4. A 20-30% tuition discount for losing #1 may be fair, but I think it's still worth it for students who get into a top tier school to finish their degree there, even online.