CMU is definitely "top five" for CS, though (at least in the US, which is mostly where the big tech companies recruit from anyway). And while going to a top school might be an advantage at somewhere like Google, you have good odds of getting in even if you don't. There are other ways of differentiating yourself that are more effective.

That's bs. I work for a big tech company, and do interviews for them as well. Most people went either to a state school, a normal university in another country, or a small liberal arts college. Very few big tech employees have degrees from the "elite" class of universities. The same is true for interviews, the vast majority of interviews are not given to the so-called "elite" class, and the new grads I've interviewed from said class are no better or worse on average than people who attended less prestigious schools.

There is plenty of work, why focus so much about the big tech companies? The notion that you have to jump through hoops to get a tech job is pretty ridiculous. If you know your stuff you’ll have no trouble to find a job even without a degree from a fancy school.

Going to a university that's top in your field is perfectly fine for anyone who intends to go to a FAANG, take it from me. Tech employers care about what you can do with your education, not where it came from.