>>11390527No, unless you live in the United States.
Graduating from, say, Tsinghua in China gives you as much prestige as you need to be rich in China or to be engaged in world-class research.
To be honest, rankings do not matter as long as you are studying in a top university in your country if you are planning to stay there. And if you plan to move, the only difference is if you come from a third-world country or a first-world country/superpower (in other words, having a degree from Universidad de Buenos Aires will never have as much prestige as, say, graduating from McGill).
But again, is a matter of where you live. In the United States it happens because of how many internationals it is attracting + the excessive focus on playing the prestige game. It would be way better if schools here were more focused in working as academic institutions with academic integrity instead of shitty snob organizations (at least for undergrads).
