They very well know the difference between a real degree and other alternatives.
I find that is generally the case, in the NYC area and even in large companies outside of NY Metro. But in other regions or smaller companies, they often have never heard of these shortcuts and will treat it the same as any other college they never heard of.
For someone starting in such an area, the pseudo-degree may be the stepping stone into such a company, and the experience there can be the stepping-stone into ANY company.