Is there an edge for rich families at Ivy League schools like Harvard?

I was watching a podcast and learned that Birla's son is doing his MBA from Harvard. Similarly, Kotak's son also did his MBA there. I understand how incredibly tough it is to secure admission at such prestigious schools, and Birla himself is highly educated and accomplished, so it's possible that some of those traits contributed to his son's success. However, I’ve noticed a general pattern: a lot of wealthy and influential families seem to send their kids to Ivy League schools in the US. My question is: does legacy status or family wealth provide an edge for admissions? Or is there some kind of direct entry or preferential treatment for families like these? Curious to hear thoughts from people who know how the Ivy League admissions process works!