It does matter.
When I was looking for my first job, some companies will let you fill up forms where you'd select your university. It said, UP, Ateneo, La Salle, Others.
I hated it, continued the application but did not accept their offer.

In some companies, even grades matter.
I applied for a computer programming job. Finished the hands-on exam in 15 minutes. I got a perfect score.
The boss even asked me if their exam was too easy.
They gave me a job offer, but the pay was lower than the guy I know there, entry level too. He was an honor student.
I told the HR why am I getting a lower pay. We were both fresh grad. We took the same exam. We came from the same school.
She said that pay is for honor students. I asked, what was his score in their programming exam? How long did it take him to finish? She said it does not matter. I didn't accepted the offer.