It most certainly does.
If economic and social value of a person is mostly determined by the quality of his brain hardware, then social roles and therefore status are largely fixed and predetermined.
It also opens the nature of education - is the function of education really to put stuff into peoples heads, or is it more of a filter to sort out the people according to the quality of their brains?
I was educated when the nurture/nature arguments were big. U of Chicago desperately wanted it to be nurture so they could affect the child and blew off nature. I see things as in the middle.
I always hated the way they sorted us. In high school, they broke the 200 girls into 6 groups and named us M-A-R-I-O-N. What you studied was completely dependent upon what group they put you in. I was an M, so wasn’t allowed to take typing, which I knew would be fundamental to me, so I had to do that in summer school every year. My husband had his IQ estimated at over 230 as a child. Quiz Kid and 64K Question. Some advantages, like being able to take college French in grammar school and not having any school on Fridays so he could go for “educational opportunities.” But he lost so much in sticking out.
To me, education should be about stuffing people’s heads. It’s their responsibility after that to use the information to find their path and their peace and their happiness.