Does school really matter that much when being considered for jobs

It absolutely matters. The top 10-20 CS schools have dedicated recruiters from FAANG companies that are solely dedicated to each school or a couple of those schools. They get to know students individually at campus events and they build long term relationships starting in your first year so they are on the radar when you each summer for internships and when you graduate. The other top companies that are not the FAANG, they will pull those top schools out of the stack and it gives you a leg up even on paper through traditional pipelines. For the rest of companies and non-tech companies, I think it matters less. But just flip the table around. You are a recruiter and you have 1000 applications that all look the same. You look at the people that went to Stanford, Berkeley, MIT, and CMU.