For SOME companies, in SOME locations, for SOME roles.
Your kid is an engineering student and is interviewing at Raytheon. Raytheon has about 600 facilities in 44 states in the US. Does your kid state “I am only interested in locations close to my home town and I will not move to another facility- not now or ever– because since I am “local” that means stability and longevity?”
The type of engineering that your kid does may be clustered in a facility 1,000 miles from your kid’s college. The recruiters that show up on your kid’s campus from a “local” company may be hiring for another division entirely– the “local” operation may not have any open roles for this recruiting cycle.