I had the experience of going to US schools among competitive immigrants from Taiwan and HK(in the late 90's, i.e. they left while it was still under the British), and a little bit of mainland China as well.
Reflecting on it, it produced an odd dichotomy in classroom expectations where nobody was really on the same page: I'm fourth-generation American to a mixed European background - my mom insisted on me attempting advanced math, but in a distinctly Eastern European sense, with emphasis on learning theory, which wasn't anything like what I was confronted with at school, which was primarily computational drills that I didn't know how to prepare for and which my parents tried to pretend I could just power through, as my older brother did(he had more of a direct interest, and later confessed that he probably got through it all just with short-term memory, because he was diagnosed with ADHD as an adult and started medicating, and thought I should too). My classmates, meanwhile, had clearly normalized strict study habits but could not usefully communicate what they were to me, or maybe did not want to give up their secrets. And the teachers were just pleased that the class behaved so well and could withstand being assigned piles of homework, but they didn't have particularly advanced backgrounds themselves and often couldn't hold their own when challenged by the best students in the city.
And then I went off to college and the student body was now mostly white. I realized that this was a completely different vibe and I didn't understand that, either.
I think the places in which the US system manages to work are because sometimes the collision of varied cultures against the institutions produces useful sparks. The institution itself tracks political winds, which vary at the state and local level. Struggling schools have the usual issues of domestic insecurity spilling into the classroom, and being in the public school system, occasionally I would cross paths with those students instead of the "gifted and talented" track that I was on. But "good schools" tend to be "home owners association" schools, whipped into doing whatever the parents ask for, which usually amounts to fairy tale fantasies. When my mom started pressuring the faculty for me to stay in the advanced math track despite my not fitting there, it was, I now see, in this latter mode. Eventually, not getting the desired result, she insisted that I argue my own case, which of course I was terrible at, and left me confused, ashamed and other feelings which took years to work through. I just wanted to withdraw from everything at that point, but I was being hurried along. That is the one quality I would say tends to always be the case throughout, at least in the large schools I went to - nobody has time for anything, because everyone has a deadline to meet. It's mostly an illusion and busywork, but it nevertheless sucks out societal energy.
The elite students, some of whom I ran into in college, tend to have a path carefully paved for them through subtle signalling and tracking - opportunities and experiences that are just not the norm for anyone less wealthy. They aren't getting well-rounded educations either, rather, they are normalized to self-identify as strivers, which when combined with some early connections, is enough for most of the cohort to advance. I had a housemate who was an heir to an major beer company executive. He was an alcoholic and his dad was, too, and he bemoaned the idea that his summer job was being the boss to people ten decades older than him. His goal in getting a CS degree was to prove that he could do something for himself, essentially.
In the end, looking at it, the way the US system is set up is to not know you are in a rat race until it's too late and you're tracked at the bottom for reasons beyond your control.