How is Networking Perceived from the Other Side

I am a little bit unsure of what people mean when they say "Networking can make up for holes in CV". It's obviously great to learn more about the bank and can help nail down behavioral for interviews.

Do Associates and analysts have to take initiative to directly ping HR? is there a "coffee chat tracker" per se that interviewers know you talked to X amount of people? Does HR routinely ask employees for students who are a fit? What is the sweet spot of # of people I should be talking to from each firm I apply to (is it 4-5?, or is there a point where it gets excessive)?

In summary, is networking for the sake of networking truly helpful, or is networking only useful to secure offers when you are lucky enough to chat with someone who is similar enough to you and will "push" for you. I imagine this varies per firm. That being said, I'd love to hear insights of how this process is viewed from a HR/Banker perspective instead of from the student.