SecularFrummy, perhaps in the past it did, but frankly I don’t see any difference between myself and my peers from highly ranked schools and even the Ivies academically. The only difference is the name, but if Hashem gave you the abilities, that’s easy enough to change with graduate school.
In most fields today, graduate schools care that your GPA and GRE/equivalent is above their baseline. Then it’s experiences, research, proof of productivity, diversity that will make it or break it. Not the name of your undergrad.