That seems about right. Oxford is noted as having pretty much the most generous bursary scheme in the country and is a cheaper place to live than london (although is still quite an expensive place compared to most other places outside london).
From what i hear, London is likely to be an easier place to make connections in- i mean the ruskin is small and there aren't any decent gallaries in Oxford. I only know one person at the ruskin and he really likes it but i don't know how it compares with somewhere like the slade. I really suggest you come and visit rather than just judging off paper.
You're right to some extent about Fine art not being the most endearing subject for an employer, but oxford on your CV is still a major plus, rather than some relatively unheard of art school (outside of art circles, of course), and plus, the oxford course is gonna have a strong academic component to it, which will appeal to employers (being able to digest information and viewpoints and summerise it or argue a case is a very useful skill).