Re. (1): It can really depend on what they did before and during school. While in school, one could have real internships, real personal projects, open-source contributions, working for the university, contract gigs, etc.

Personal anecdata: I was solo building software projects in highschool that earned income (real product, creating real value, some of which were acquired) and worked on the school district websites. During college I contracted with startups part time while also building projects of my own.

Re 2), this reminds me of those situations where people are given the opportunity to resign rather than being fired. They get to save face on their next job interview, but it does the next hiring company a disservice. It might be something that comes up later in the hiring process, but nothing that would be identifiable at the start of that process

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