I mean that's the theory, and it still seems true for PhD programs. (So I guess I'd include "ABD" as another possible exception if the program also granted an MSc but it feels like this is much less common than it was when I graduated - the many problems of grad school are now better communicated to undergrads.)

But for MScs, nah. The more focused coursework is directly accessible to undergraduates, and the projects are often like "port this 20yo tool to a new kernel version" or "build me a DB schema" or a few other things you'll have also done but 3x over in your first year of a real job.