Computer science grads can get intellectually satisfying jobs without grad school right after college. We’ll see what gifted son eventually does. Having a STEM PhD is no guarantee of a job- even with U Chicago/MIT in one’s CV.
Those Harvard stats show that going to an elite college/u does not automatically mean grad school- ever. Many of the smartest, most well educated will have gone elsewhere as undergrads- look at the CV’s of the elite college professors.
What to do, where to go depends on one’s major. Most good music performance majors will not make a living at that- there isn’t enough demand. But- they make work within the field. College is an education, not just job preparation.