He might be right, that a top brand college (and other stuff) will help getting past the HR filter. But I do not agree that this is the only thing.
I agree with you, that very specifically targeted and created applications will get a response rate better by at least a factor of ten.
I am often on the other side. Reading applications and deciding whom to invite to an interview. As Inteverviews take time for at least me and 3 other colleagues I filter very strongly. For one hour of interview the amount of time it takes (preparation, discussion afterwards, and so on) can take up to 1 - 1.5 person days.
As I am working for an agency this means 1.5 days me and my colleagues can't earn money for the company by working productively for our clients (even our managers work hands on on client projects at least part of their time).
So creating a well thought out application, one that is targeted and also shows the personality of the applicant helps me a lot in deciding whom to invite. Make it stand out without being obnoxious. Make it fitting for the company and the job.
An anecdote to exemplify my point:
I remember how my late father helped our neighbor's son with his application. He was a carpenter and had specialized in restoration. He wanted to apply for a job at a workshop that had been set up to do just that.
My father and he then designed (and he made) a special application folder made of wood. This had very fine intarsia work and showed very precisely what skills the neighbor's son had as a craftsman.
The cover letter and curriculum vitae were of course also well thought out and designed. No question.
An application - an interview - a job offer at one of the leading workshops for restoration work in Europe.