Yes, LoRs are probably the college application factor that has the greatest variation not controllable or influence-able (or even viewable) by the applicant (quality of LoR writing independent of how the LoR writer views the applicant, and the effect of LoR rationing at many high schools). Hence, a higher emphasis on LoRs increases the “random” (to the applicant) aspect of a college’s admission process.
Of course, that means that 45% comes from the tippy top of the family income and/or wealth levels.