For entry-level jobs yes. Its because that is the only fact that the HR can check. The rest you can bs in interview.

For managerial level jobs, grade matters less as HR got more info to draw from such as your working experience and track record. How you sell yourself in interview is more important.

For senior management level, grade becomes insignificant as Headhunters will look for you based on your track record/ referrals/ endorsements/ awards. Some take up a professional qualification or two to bolster their core skills.

For board of director/ CEO level, grade is negligible as most that reached this position can easily apply for Executive education or EMBA from ivy leagues. They can easily pay and the course normally runs for 1 year or lesser. Education part settled.

From my observation and experience, where you graduate from still trumps the grade. Especially Malaysia companies that are quite drawn to "made in UK/US" branding.