I would counsel you both to consider that decision carefully. While this sort of thing goes on at virtually all “reputable” institutions these days, that should not be your only consideration.
First, if you’ve tought your children well, they should not be as susceptible to these and other distractions.
Moreover, I can tell you from personal experience that going to a so-called “elite” university and, IMPORTANTLY, playing your cards right by majoring in something worthwhile (finance, economics, engineering, hard sciences, etc.) absolutely does wonders for your desirability on the job market.
Beyond that, if a student has decent social skills, he/she will graduate with many good friends who will, undoubtedly, be among the people running this country and its economy, and other countries and their economies, one day. Contacts like that are very valuable, to put it mildly.
The professors may be liberal, the extracurriculars may be.. decadent.. Be that as it may, you have to weigh other factors. Just something to consider.
Taught... I need sleep