I have however, rarely seen this work against someone. Where a Stanford graduate was not hired because the hiring manager felt the coursework was too "academic" and there wasn't enough practical laboratory coursework. Sometimes "book smart" does not translate into "common sense".
A lot of schools like to tout their graduates and where they place in careers. It's almost as though you're paying for a better guarantee of landing a career job. Sort of depressing for the middle class, because the latest college admission scandal revealed that those schools are influenced by "pay to play". Something the middle class can no longer really afford. Who has an extra 500K laying around just to GET INTO an ivy league school, let alone room, board and admissions?