Can confirm for the American tech industry, at least anecdotally. Having talked with both private and public employers prior to choosing a higher education, the message I received was this:
It's better for an applicant to be a big fish in a little pond [i.e. graduate with an IT degree in the top 10% of your community college class], than a little fish in a big pond [spend the same amount of effort, more money, and end up middle-of-the-pack with an IT degree in an "elite college/university"].