No-- it doesn't.

And the problem is that Ivy/Elite admissions are exactly that way in the US right now-- only it's obscured by the window dressing re: "diversity" admits, quotas behind closed doors, etc. etc. etc. EC's are just one component of it, but all of it just provides a better smokescreen for them to admit basically the same kids they always have.
Schrödinger's cat walks into a bar. And doesn't.