Do your internships matter anymore after you start working?

I had a few internships during college, including an IBD one at a middle market bank. Unfortunately, I did not secure a FT IBD job, and will instead be working in sort of a valuation job.
I'm about to graduate, and have the opportunity to intern at a very small private equity firm, where I'm not sure how much actual PE-centric work I would be doing.
I may potentially try again for IBD or other areas of finance in the future, and I was wondering whether doing this internship would help me when I look for a different job in the future. (The downside is the opportunity cost of the time I spend for the internship).

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