I’ve taught at highly selective, moderately selective, and non-selective universities.
The differences between students in aggregate are quite different.
The differences between students at the high end aren’t all that different, though the proportion of high-level students to the rest of the student body is, of course, different).
But one place there is no difference: If you wish to party instead of study seven days a week, something’s out there for you.
(And yes, that’s even at the quite conservative religious institution I taught at. Maybe harder to find, but still available.)