I think this is a common assumption, probably based on football.
But it isn’t the case in Track and Field (which I admit might be a niche sport at the professional level, but which has the highest participation levels of any HS sport in the US).
I think at most of these schools, Track accounts for one of the largest buckets of recruiting slots.
Quite a few T&F athletes are deciding between Ivies and schools exactly like Michigan (or UW, Duke, Wisconsin, UNC, etc.).
The Ivy League typically has a few teams ranked in the top 20 in XC and their athletes would fit well on most P5 rosters. The Princeton men were 5th at Track NCAAs a few years ago and the Harvard women sixth and men 11th last year. Both teams had individual champions over the last few years.
Some Ivy Track and Field athletes had extra eligibility in the last few years due to Covid, and ended up as grad transfers at schools like Washington, Duke, NC State, Virginia, etc. In fact, Duke won their first ever ACC women’s championship a few years ago largely due to Ivy transfers.
So, Ivies are definitely competing for top caliber athletes in Track. It’s an equivalency sport, so the incentive structure @BKSquared mentioned plays a role.
Worth mentioning, too, for those who are concerned about Ivy athletics skewing white and wealthy is that this is one of the most racially and socioeconomically diverse sports in the country.
There are quite a few other sports where I think folks underestimate the level of talent at Ivy schools. One could make a similar argument about a sport like wrestling, for example, which brings in great athletes and is a sport that connects a lot of working and middle class families to these schools.