as far as the Ivy schools, they pick and choose who they want there and often its because of someone you know, or who donated....its a circle that most will never be allowed in....
There is truth to what you say, but also still well above average smarts both at the Ivies and among those who earn wealth.
Can’t say about now, but in the 70s I attended an Ivy school with none of the requirements you mentioned, but I did have a high SAT and GPA along with national level involvement in the budding environmental movement, which I now find quite humorous. I’m in no way supportive of the leftist orientation of the Ivies, but present my experience to perhaps help separate opinion from fact.