I agree that the meritocracy approach depends wildly on the school.
My eldest two, very different personalities/abilities at their local outstanding state primary, had zero recognition. Recognition came mainly in getting the main parts in the school plays (mine were always sat at the back with no lines) and/or being hand picked for the rare opportunities to represent the school in some wider county event (mine never got picked). Golden book was well known as a farse (everyone gets one) and there were no such thing as academic, sporting or music awards.
The fact that both were excellent academically gained them no recognition ever, even the school reports were not that glorious - I think they largely became an irritation to (some of) the teachers. In an almost punitive way too, they always ended up being sat next to the more troublesome/difficult children, in a bid to temper them down, which very often ended up in bullying. My son especially experienced Chinese burns, was trampled on and had other quite serious bullying at the hands of one of these boys.
At their independent school it has been a long list of awards and constant recognition, and in fairness they worked really hard for it. They got a long list of awards from sporting, musical, academic and softer ones too. Their confidence has grown massively as a result but more importantly in my view their enthusiasm for school and their desire to succeed in those subjects they are more interested in.
Also, and I might have been lucky, my children did not experience physical assaults, which seemed to have become normalised at their old school under the "oh it's just kids being kids" banner. In fairness this alone was worth the money, as a month did not go by where one of my children suffered an attack and I didn't feel they were that safe.