I do think there is a big difference, in the Ivies and elsewhere, between the hard sciences, and the humanities in terms of political correctness/grade inflation, etc.
I think an engineering degree from MIT would still today mean a whole lot.
I don’t think a “literature” degree from Harvard would, however.
I am engineer by training, and when I was in high school I was steered away from "top" engineering schools by a professional engineer who pointed out that I could get an undergraduate degree at a state school and a master's degree at MIT or Stanford for the same cost as an undergraduate degree at one of those "top" engineering schools.