It would be beneficial if colleges listed 8-enrolled-semester (or equivalent for other calendar systems) graduation rates to take into account students who do co-op or otherwise take gap semesters off college.
But that would still be heavily based on selection effects. A comparison of a college’s graduation rate to that expected for its students would be more helpful to those selecting colleges, since treatment effects are more likely to show there. However, some treatment effects may not necessarily be seen as advantageous – those looking for more curricular rigor or rigorous general education may want to consider that such aspects may reduce graduation rates.