If you want to work in advertising and marketing, yes. If I recall correctly it's reputation in those circles is equivalent to FAANG in tech.

I recall seeing a presentation in school by a young brand manager at P&G where they were talking about their excitement of being in charge of sales and marketing of a particular body wash in the southwest region.

What?, no - not really. Perhaps in fmcg specialty shops you'd get some creds - but as in tech you're primariæy judged on past projects not past x

The worse the job, usually the worse the application process. In my experience anyway.

It’s pretty regionally highly regarded, to the point that my brother-in-law voluntarily resigned to form his own business and people would disbelieve him that he wasn’t fired from P&G (even after knowing that his business is successful). They just assume “no one around here quits P&G so he must have been fired.”