If you had to speculate, assuming all other things are equal, do you think a UNC graduate with a 3.9 gpa or a Wake graduate with a 3.4 is more likely to get into UNC SOM?
Their MCAT, science grades, and interview would play big roles.
Of course you can go to UNC and get into med school. Many do every year. But I have seen many students that go to their state school (even state schools with med schools) and they get essentially no advising or prep. They either take several extra years to get into med school or they never make it.