No, it's a statement of fact, akin to "universities produce graduates".

well this

{elite universities} produce {elite university} graduates

is of course tautological

but this

elite universities produce university graduates who are elite (meaning better than others)

is debatable.

Most people who say "elite universities produce elite university graduates" mean the second and then don't provide any especially great arguments for the opinion.

The only thing elite universities provide is, possibly, “elite” connections. The education is the same, you get out of it what you put into it.

The state schools of the US aren’t worse than Stanford or Harvard, you pay extra to hang out with people who can also afford to pay extra.

The college education system in the US is second only to the healthcare system in terms of “how fucked this system truly is” metric.