That article does not say what you seem to think it says. Heritability and IQ are both fairly complex topics and citing a single article out of context doesn't do the subject justice: https://en.wikipedia.org/wiki/Heritability_of_IQ

That said, your statement does not follow from your argument. The heritability of IQ is unrelated to whether people's potential is wasted by being denied access to a nepotistic college system. The school system is not a meritocracy either.