May be true for hiring for entry level roles in same cases, but it is certainly untrue when you are hiring for positions with more than a couple years experience. I have literally never looked at anyone's college credentials unless I'm interviewing for an entry level role. I do not know, or care, where any of my coworkers went to school and I don't know anyone who does.

To be fair, we aren't a SV startup, but we've always had an equal engineering presence there (probably 120 engineers there now vs maybe 30 in 2018).