I am writing a story about an extreme meritocracy that applies artificial selection and eugenics to humans. This society (called Sophia) views intelligence as the most important trait to have. Almost everyone in Sophia does whatever they can to maximize the knowledge, brainpower, and wisdom of themselves.
The Sophian Government has a highly elite reproduction program. All children at the age of 9 have to take a comprehensive test that measures IQ and other intellectual capabilities. Only the top 10% of boys and top 70% of girls are expected to pass the test (there is a different target score for each sex). All the boys who didn't pass get chemically neutered; all the girls who didn't pass get chemically spayed. The sterile boys and girls are effectively a new gender societally speaking and do all of the less valuable jobs in Sophia. Physically demanding jobs that are too hard for eunuchs or women are handled by either robots or farm animals. The breeders get all of the leadership positions and valuable jobs. The highest performing breeders and sterile folks are part of a political circle that determines how the country is run.
The breeders who do pass the test sexually reproduce during their teens and 20s; afterwards they use IVF to maximize reproduction. All offspring are raised by hospitals, then daycare centers, and finally boarding schools. Many children have no idea who their parents are.
Adults in Sophia do whatever they can to become pioneers in science, technology, engineering, mathematics, philosophy, and art. Events similar to the Nobel Prize are the most important ceremonies in the country. Anyone that makes a great invention or discovery or magnum opus gets immortalized in a national hall of fame. Sophia is supposed to be the most technologically and mathematically advanced nation in its world. Sophia has a command economy ran by oligarchs. Sophia has mostly modern technology, but they're more advanced than real life Earth in a few areas (like having artificial wombs and advanced AI).
So my question is can a hierarchical society where humans are selectively bred similar to animals (only worthy specimens reproduce and the rest are sterilized) to maximize intelligence, function without fatal biological or sociocultural flaws?