The right to be forgotten is a simple way to say: "I do not want this content to exist on the Internet". Does that stop the content from existing? No, of course not. Revenge pornography can still be found after that Pinkwhateveritwascalled website got shut down. But it got more difficult, and its a matter of supply and demand. If the website is only accessible via Tor, then those who got the content on their computer took more effort into obtaining the content. You could make the same argument for child pornography.
That being said, the real problem is the lack of prosecution for the content creators. And that is true for child pornography and revenge pornography and bullying videos. However, trend is that the latter 2 are on the rise on the public web. If the right to be forgotten can slow that trend down, I'd say that's a good thing.
I mean, probably >90% of people have been deeply drunk at some point of their life. So objetively and rationally speaking, a drunk photo is not a reasonable reason to reject someone from, e.g., a job. Maybe if such photos become widespread we will come to our senses in this?
To each their own, though.
*I know you said "otherwise identical", but that's not a very realistic situation and if it did happen, it would justify choosing by just any irrelevant difference, like one candidate having one day of work experience more than the other, so I don't think that says much about the importance of a criterion.
I believe the "right" (I agree that it should be quoted) to be forgotten is a temporary stopgap measure for those who haven't received a proper digital literacy education beforehand (that is, almost everyone). I expect the "right" will hang around for a long time, for the lack of better alternatives.