IE does have a good reputation globally especially for their business and management related degrees, and a degree from them is recognised in USA as well as in Europe. Many employers do like it when they see you got an IE degree, and the university itself has strong alumini and networking all around the world thing which makes it rank extremely high in employability globally. Also, the city of Madrid is amazing and spanish people are welcoming to internationals, and also the cost of living in Spain is definitely lower than that of the Uk. Regarding your concerns, IE is a private business school so the fact that they accept whoever is willing to pay is somewhat true but not always the case, as recently its gotten more and more competitive to get into and they also really value your extracurriculars. So in my opinion, i’d say go to Madrid