I agree. Especially out of school, barring a thesis/project/etc. that really lines up well with certain employers, it's really a numbers game both for you and for any large company. Heck, way back when, I got a job offer from Boeing without even a phone screen based on my resume and cover letter; I had on-site only after I asked to visit.

In the days before email and online applications, I just sent out tons of letters/resumes plus on-campus interviews. Mid-career I totally switched tactics and the few jobs I've had since came entirely through contacting people I knew.