Networking and job performance in IB

We all know that knowing the right, connected people will help you land the job. Yes, the formal name is "networking," whereas speed-networking, as in adding not-quite-random people on LinkedIn or cold-email isn't true networking, except for desperados (I've tried it before). But just curious: say you're the IB analyst. How much does knowing certain people (connected, powerful, etc.) help you perform better? Or can the Street not even find a way to justify that in terms of the actual job in the same way being an athlete "helps teamwork, competitiveness, etc." even tho you can easily have those things without being an NCAA athlete?