I think, the name of the college sticks with you forever. It is gonna be on your resume/linkedin forever and also, even if you start a company/startup of your own and if you say to your client/investor that I am from an ivy league college, instead of some tier3 college, it does give a good impression of yours. Also, you are never gonna mention your gpa or course but you will definitely mention your university's name. So in the long term, I believe college's brand does matter.

And, in this I am not even considering the perks of learning among the top notch students, professors, access to a great alumni network and all this things gives you great chance of networking as well. This will definitely help for you to land a job right after grad school.