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My team tracks utilisation just to keep tab with available resources, but promotions are not 100% linked to utilisation - more to "visible outputs" I feel. Case in point, a senior consultant in my team has like 100% or more utilisation rate....but also because she is painfully slow at everything.
I once worked at a firm where I was averaging <=60% for two years. Got a promo and significant raises, plus bonuses. I did good work quickly, built internal programs and processes (logically by output scripts and by means of documentation), and took the lead on a service line for proposals and delivery. As a Sr. my util didn’t matter, as long as I output good work. This wasn’t at EY.
I got promoted to M ahead of others with higher utilization. So it's definitely not everything in my team.