I wouldn't go so far as to say it's 100x more valuable. Everyone in my class was able to get an engineering internship or research job (REU, etc) every summer after freshman year, and unless you're an idiot, they're pretty easy jobs. GPA, honors, awards, school, etc matter equally if not more (probably more), when you're coming straight out of undergrad, unless you are planning on staying with the same company. If you apply for jobs elsewhere, your one year of internship-level experience doing some other work doesn't amount to much except for 2 or 3 good interview answers and a recommendation letter, especially with entry-level positions where you'll probably be solving simple problems with in-house cookie-cutter methods. The idea is that if you're smart, which is roughly indicated by your GPA, you'll learn quickly. An extreme example is the job placement of Harvard's graduates back when Harvard had an (arguably) lowly "Division" of engineering (as opposed to school).
Of course, if you're not vying for top-tier engineering firms (BCG, McKinsey, GE, NASA, Boeing, Lockheed, etc.), that 1 year of extra experience might come into play when applying for mid-tier companies. Fact is, most freshly-graduated applicants that actually have a shot already have internship experience.
That said, experience is important for sure, I just don't think that working sporadically for 1 year during undergrad amounts to much in the end. Your mileage may vary I guess - I've known people who have done co-op who loved it, some thought it was a ****ty decision. If you don't come in with AP/college credits, you'll probably graduate in 5 years with a co-op program, and personally, if I wanted to spend 5 years in undergrad, I rather do a BS/MS program with interships in the summer.