What’s more important is a portfolio that shows you know what you’re doing.

Which is hardly trivial to create. CS is a vast field, with a lot of subsectors and areas of specialization, and not all of the relevant skills are tied to things you can toss in a resume or portfolio. A lot of companies need people who have 1) good communications skills and 2) the ability to identify problems in code or infrastructure and offer efficiently implemented solutions, or at least the path to those solutions and 3) knowledge of multiple coding languages and a certain degree of specialization in Linux. Some of these are difficult things to present in a CV and the place they really can be demonstrated is in interviews. The hard part for a new graduate is just going to be able to talk to someone who can give them the job and see if they're a good fit for the company. Internships or co-op opportunities are also very important, as they let you talk about work you've actually done somewhere. But these are hard to come by.