That is sort of true. Debated endlessly out here. There are certainly colleges that do not provide a very high quality education that I wouldn’t want my kids to attend, though. And only a small percentage of students go to grad school, so if your undergrad education isn’t strong, it can hurt your career. And you do need to get a sufficiently high quality undergraduate education to score well on GRE/MCAT/etc. tests to get into grad school (and do well enough to stay in grad school once you get there). And sometimes the biggest name grad school is not the best choice for someone with very specific research interests. So… that is a broad statement with some nuanced exceptions.