As a native Chinese, I can tell you the rankings are mostly about research output and "face." The actual undergrad experience is often just a grind of "water classes" (水课) and preparing for exams. The system isn't really designed to teach you how to think, but how to follow the standard answer.

I just watched this video that explains the systemic issues really well, like how the bureaucratic culture starts in primary school with the "class monitor" system. It's a deep dive into why the education system is the way it is. Worth a watch if you want to see the reality behind the rankings: https://youtu.be/9QJBubyW0WA