Outside Oxbridge, LSE and, perhaps, UCL...all other graduates are in the same boat (initially, for job purposes) unless rescued by a First or an extremely transparent talent that threatens the considerations of other achievements on the CV. That's my experience as an employer in a liberal profession. Obviously, regional employers have their own view of things but on the national market Oxbridge and LSE dominate the first pick.
I suppose the same applies, mostly, in the academic market.
A lot of academics are secondhand dealers of ideas and thoughts. They usually relay what others have shown/thought and only very few of them can truly call themselves scholars or experts in a particular field. Most of them do not even have expertise in what they teach. They don't do what thinkers or experts do. They have meagre practical experience. They are what may be called 're-explainers' with a Ph.D (or if you like a Pizzahut Delievery).
Those who do a little bit more usually regurgitate old theories. They simply don't understand that adding nice adjectives and verbs to established positions in middle of the road journals and writing books full of ideas by others do not equate to being regarded as someone who's contributed to improving their specialism or possessing substantial knowledge of the field.
Consequently, the graduates, including those with phds are simply not up to scratch when coming outside Oxbridge/LSE. This doesn't mean that there aren't exceptional talents elsewhere (in terms of students and academics), only that on average, this is where the cream can be easily found.
As always in life, exceptional talents will always rise irrespective of the institutions they attend (or in which they teach as academics). I suppose they have that unquenchable fire within them. Perhaps, they are those that may have been raised with the notion that it is the man that matters and not the institution. Hence, you can find them anywhere. The only trouble is that without the 'support' that the name of an elite institution provides at the beginning, it can take them a while to get there. They usually turn out to be the exceptional one at that stage of the career where what counts is what you've done and can do and not where you went to school or university.
That's why all these ''RG and no-RG university'' division is a paradox and can be big fat joke. Focus less on badge collection of institutions (that doesn't mean you should not go to the institutions you like) and more on developing a child/student with a clear mind and understanding of what it takes to succeed. The rest should take care of itself.