For me, it depends on the situation.
Pepper signing into Bath's senior academy, aged 21 with 26 senior appearances, won't make him a Bath academy graduate for me (nor did Ant Watson, despite officially signing to the academy).
Obano doing so, aged 19 with 0 senior appearances does - because he was club-less when he came to us, rather than transferring straight from one academy to another.
I'd say the same for Bath's intake from the disbanding academies this summer. They may be signing into our senior academy, but they're definitely coming as academy players with an eye to the future, rather than senior players we can make salary cap room for by officially naming them academy I don't think any of them are older than 19, and I don't think any of them have any senior appearances yet (but can't be bothered to actually fact-check that).
Equally, there are a fair few players who move FOR university, and then go to the nearest club's academy (eg IFW when he moved to Wasps), who I'm fine counting, even if leaping from one academy to another.
Other opinions are, of course, valid.