Unless the Ivy League school grad does it for one of those elitist consulting or investment banking companies that preferentially recruit there.
For other types of CS jobs, it probably won’t make too much difference in initial recruiting out of college, and even less in subsequent jobs.
With respect to the presence of weaker students at ASU, they are probably not that likely to be found majoring in CS, due to the relatively high rigor and workload that CS courses tend to have.