Yes, I hear it most often from those two or three semesters from graduating. Heard my professor mention it in class when joking with a student who was retaking their class.
Perhaps the area around me is different from the norm, but while I do recognize that employers have GPA cutoffs, the majority of the local companies do not have GPA cutoffs. Many of them say it doesn’t matter much to them. I guess it just varies on what company you’re going for.