not sure i agree, i went to school in the 90's as well, and out of 9 jobs I have held since, 4 came through cold-applications and 5 through referrals. referrals imo have a better chance of success particularly if you are a senior engineer, and you could have a bigger eco-system of referrers. I would also like to add that with more experience, you need to build bigger referrer networks which help in this whole process.

i try to help anyone i know (with referrals) as i have personally seen the anxiety, stress, and emotional roller-coaster that accompany the job hunt.