An Oxbridge degree is a guarantee, for those that want it, of a job interview at some of the highest paying employers. Doesn’t mean they’ll actually get the job, of course. It can quickly elevate someone from a low income background like mine to jobs where you’re on £500k by age 35. It’s the opposite of elitest, it facilitates social mobility.
There are other ways to get those interviews, but an Oxbridge degree pretty much guarantees they’ll at least talk to the graduate.
For those who take advantage of it, it’s also a dress rehearsal and networking opportunity for a few specific careers like politics and journalism.
It wasn’t elitist or snobby when I went 20 years ago, and I doubt it’s any more so now, though some do seem to feel free to be rude about it in a way they wouldn’t insult other places. A friend of mine was ferociously nasty about it until she visited me there and said “I suppose I was being a bit rude, I forgot it’s your home and real people.”
Hard to see how it’s dated either when you look at Oxbridge’s cutting edge scientific research.
Go, or don’t go, it’s nothing to me, but I am a little tired of people being rude about it, and assuming it’s elitest, when I know so well that it’s nothing of the kind.