Well, yes, meaning that elite colleges use other discriminators to choose their students now, once you've gotten a good-enough score. It'd actually be more egalitarian and meritocratic to use scores, though, especially if there were a revised test to differentiate the almost-perfect-and-perfect crowd from one another.

Those other filters--the meaningful extracurricular activities--often enough amount to "let's let in the girl who got a paper published in high school through a special internship or the guy who climbed Mt. Everest" that they're sort of a joke, in that people with special resources and parental connections have an automatic edge over equally qualified people who don't.