I recently spoke to a professor about this issue in academia. Lower ranked programs tend to have smaller cohorts, more funding per student, and just a healthier academic environment but in order to thrive on the job market you really have to do a lot of extra work and network for your life. I think it will be just fine because your educational experience will most likely be very enjoyable compared to other cut throat programs but you will need to do a bit extra grunt work by attending conferences more frequently and connecting with people in your field.
I reached out to UVA saying that I was wondering where I was in the applicant pool as I have an earlier deadline for another school's offer but I really prefer UVA and they got back to me really quickly, i'm waitlisted but at least the mystery is gone, so yes, absolutely reach out if you feel comfortable doing so!