One of mine skipped college graduation. It was her business to decide. She had some health challenges and it would have been nice to celebrate, but no big deal.
Another one of mine did walk, it was hot, and we went to his department for a little party. The food was good.
I think the OP has kind of a dark view of a normal rite of passage. If the student wants to walk there is nothing wrong with being happy for them. “Narcissism” is bit strong.