Both can be true.

Any organization that does zero virtue signalling but still nonetheless have women working in substantial positions strongly suggests they're genuinely an enlightened organization and/or found lots of way above average candidates somehow.

For any organization that does some amount of signalling, no strong inferences can be made on either direction.

For any organization that signals 24/7, a pretty strong inference can be made in the opposite direction.

I’ve never worked at a place that had to prioritize at all. Every company I’ve worked for was growing fast enough that hiring more people was a bottleneck and we would hire anyone who was qualified, at least for developer positions.

We do have quite a few women working for us in significant positions but female applicants for developer positions specifically are still extremely rare.