Yes, VCs care more about the people behind the company than what the company does. Projects , products, and ideas evolve and the founders need to be adaptable. VCs don't always know the founders well, but they see a ton of founders and have learned to discern.

The personal network is often more used by founders, who provide introductions to investors. You have to be social to be a founder, which is really why networks are more noticeable therein.