Only to pretentious, elitist muppets. If anything, the person who got the 1st has obviously applied himself and is just as capable as the 2.1 student who went to a better establishment. All that would indicate to me is that there were some extenuating circumstances for the student who gained the 1st during their A-Levels. I'd even argue that they were more rounded as they've had to fight to get where they are.
And I can easily argue that the degree was easier than if it had been done at a top university, hence getting the 1st isnt as much of an achievement.
The fact is that best graduate positions at the top firms, want the best students from the top universities. They are pretentious, and like the traditional well-rounded person (320 points, 2.1 from top uni, involved in lots of sports etc)
Same principle applies to picking soft Alevel subjects. An A grade in Media studies requires the same effort as a C in Mathematics.