I would like this to be true, but I think it varies a lot. I have seen execs be very excited by name-brand degrees well past that point. And then do the same thing with name-brand companies, without inquiring much as to what a given developer did at, say, one of the FAANGs.
When I've asked, the stated theory was that those places were good at filtering for smart people, so we didn't really have to evaluate actual competence. And that is one of the theoretical functions of things like degrees, so I get what they're saying, however horrifying I find it personally.