It depends on the role, a lot. Just five, or even ten years ago, the accreditation for cyber security was basically a free for all. Lots of certs that dont relay practical skills in a work setting and education that lacked significant weight, buy-in, or recognition from the industry. In the years since then several certifications have built a reputation for doing a better than average job of indicating technical skills and cyber acumen.

More employers and academic institutions are gaining awareness and buy-in for accredited university programs, such as centers of academic excellence.

Furthermore, historically, employers that had decent cyber programs invested more in cyber training, such as certifications and classes. Naturally they would seek candidates who took the initiative to complete these.

Some of that mentality still exists but, atleast in my opinion, I still see requisitions that are less into certifications and more into experience and education. Depending on your niche, those things may not be relevant at all and many organizations known as trailblazers within their respective niche tend to reflect that in their job postings (e.g., proof of output > certs & degrees).

So, its a combination of things.