My Princeton degree has worked for me and against me. I came out in 1992 with a certificate to teach high school history (through a highly unusual teaching program Princeton offers that more or less eschews normal pedagogy courses in favor of practical experience). The one interview I managed to get with a school system (out of hundreds of applications) started with the following question: "Given your educational background, how do you expect to lower your expectations to the level required of a public school teacher?" Needless to say, I didn't get the job.
Since then, my undergrad degree has played a significant role in getting me two law jobs (including the one I have now). In both instances, the hiring partner also had an Ivy League degree (either undergrad or law) and it was clear that I got my foot in the door because of their respect for the school, even though my degree had absolutely no direct relevance to the job. I had to close the deal once I got the interviews but, after getting the jobs and working with those people for many years, it is clear that they hold a certain class of school in very high regard and pre-judge job applicants accordingly.