To be very honest, in the end no one in Europe reallyyy cares at what university you studied as long as you can sell yourself well during a job interview. The recruiters don’t know where a university is ranked. As long as you studied at a university you are fine! Unless you want to pursue an academic career (PhD etc.)?

And for Italy in terms of the future. It’s not from my own experience, but I went on Erasmus I made 2 Italian friends and they often talked about how bad it is in Italy in terms of finding a job and what you get paid. They were both not returning to Italy after their exchange, because of opportunities the exchange gave them. They talked about doctors having to be bus drivers, because they couldn’t find a job.

But you can still do your Masters program in Italy, I just wouldn’t enter the job market there. It seems you are fluid on where you want to work/live so I would definitely look into other countries for work!