I'm at an M7 recruiting branking and I'd say for the top 30-40 recruits, this is true - the red carpet is rolled out and the banks are pretty much begging for talent. It is heavily skewed towards the bargaining power being with the MBA recruits.

If you're recruit 40-70 then yeah, you might go 4/12 on a good day, as they only invite 30-40 to interview. You tend to be in this category if you need a Visa and/or dont have work experience in any client services (which prepares you for coffee chats). Those kids get crushed. Coffee chats are interviews and if you screw up the first one then no, of course you dont get to meet more of the team.

I would not be dissuaded if IB is your goal, as long as you take the time to prepare thoughtfully for your recruiting season and tell a compelling narrative around your candidacy.