<p>For employment, if both get to the same on-site interview, then interview performance will decide (and it is possible for both or neither to get offered a job).</p>
<p>As far as getting to the interview, there are a lot of “it depends”. The university world is not neatly divided into “Ivy” versus “everything else”. Strength of the school in the subject being sought helps. GPA helps, but it may be the case that an employer just has a cut-off GPA. General (as opposed to in-subject) school prestige may or may not matter (more so in employers like investment banking and consulting than in CS). Being local helps, more so with less prestige-conscious employers and smaller ones for whom air travel for recruiting is less convenient.</p>