I think pretty much all employers are looking for applicants who they think will train well and then do a good job.
For career positions, they may also be considering things like how likely it is someone will actually stay with them for an extended period. Of course not all positions are really expected to lead to a longer career, but college graduates are often specifically looking for positions that might be designed as the possible first step in a longer career with the firm.
For practical reasons, these considerations may sometimes lead to what looks like a preference for graduates of local colleges. But I think in many cases if you as an individual can satisfy them you would train well and do a good job, and are likely to stick around for longer (when applying for career positions), then that “preference” may be a non-issue for you as an individual.