Yes, I suspect the elite-college job premium comes less from that mechanism and more from (1) more-skilled students applying to higher-ranked colleges, (2) unofficial/​semi-official cumulative advantage processes whereby current students at elite colleges benefit from past elite-college graduates becoming elites in external social networks, and (3) elite colleges having better official career services like interview practice sessions, job databases, and careers fairs.
Yes, I suspect the elite-college job premium comes less from that mechanism and more from (1) more-skilled students applying to higher-ranked colleges, (2) unofficial/​semi-official cumulative advantage processes whereby current students at elite colleges benefit from past elite-college graduates becoming elites in external social networks, and (3) elite colleges having better official career services like interview practice sessions, job databases, and careers fairs.