One datapoint: at my Boston-based, mid-sized company (1500 employees), we hire mainly out of the Boston area colleges, UMass, Providence College, etc. We also tend to get candidates that have a Boston connection that went elsewhere, so the person who grew up in the Boston area and went to Wisconsin for undergrad might find us, and we’d interview them knowing that we don’t have to relo them. That said, if particularly good candidates have strong credentials (great work experience and a degree from a well-known, extremely highly regarded college) and reach out to us, they may get called for an interview as well.
IME, at the elite level recruiting can be national, but the vast majority of companies (especially the ones that I’ve worked at) tend to recruit locally.