I’d still argue that within the industry, a forestry degree from Newton Rigg would be more welcomed than one from Oxford, irrespective of the ‘all-subjects’ institutional ranking. The mere fact of being able to claim an Oxbridge degree counts for a lot, of course!
A less stark example might be comparing Cambridge and Manchester: 1st and 25th overall, according to the CUG, but if you’re working in graphene, you’d want the Manchester graduate.