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Taking the top 120 or 200 from CLAT and teaching them is easier than taking on those who did not do well in CLAT. 80 out of 120 students getting placed in T1 NLUs is the same as 80 out of 800 in JGLS because all 120 in the NLU are CLAT toppers, whereas all of the 800 in JGLS are supposed to be useless rich brats!
The classes at MNLU can often end at 3:30-4 as well, so the "Mumbai advantage" is only a thing if you don't manage to land a PPO in your normal session breaks. People use the internship allowances (a month per semester/year, I believe now), and in the final semester, they intern like crazy to land jobs/explore opportunities.
Both aspects are true, but if you grind enough at Jindal, you would be in a good place to get a good job (both corp and non-corp).
However, the decision is up to you, and the NLU tag does matter during your student life and post-graduation. MNLU would even help if you wish to go for an MBA (IIM's, ISB, SP Jain and so on). There are some top MBA admits from MNLU as well (IIM K, ISB, among others).
MNLU’s only plus is that being in Mumbai gives you the leeway to intern at more places throughout the year (provided you have good contacts to get into firms/chambers, college won’t help you much).
Corporate law firms are shifting towards hiring through internships instead of campus placements.