Your example dosn't compute, at least in most languages, because derived objects would not have the same shape as one another, only the shape of the base class. I.e. functions expecting a User object would of course accept either an Employee or a Student (both subclasses of a User), but functions expecting a Student object or an Employee object would not accept the other object type just because they share a base class. Indeed, that's the whole point. And as another poster mentioned, you are introducing a burden by now having no way to determine whether a User is an Employee or a Student without having to pass additional information.
Listen, I'll be the first to admit that the oo paradigm went overboard with inheritance and object classification to the n-th degree by inventing ridiculous object hierarchies etc, but inheritance (even multiple inheritance) has a place- not just when reasoning about and organizing code, but for programmer ergonomics. And with the trend for composition to disallow data members (like traits in Rust), it can seriously limit the expressiveness of code.
Sometimes inheritance is better, and if used properly, there's nothing wrong with that. The alternative is that you wind up implementing the same 5-10 interfaces repeatedly for every different object you create.
It should never be all or nothing. Inheritance has its place. Composition has its place.
And if you squint just right they're two sides of the same coin. "Is A" vs "Can Do" or "Has".