Wise move. A degree is well worth it even in the best of times. It's a backup qualification - but not only. A degree teaches you a number of skills which the ATPL tests never will. Examples of these are working with sources of information, researching a topic with very minimal guidance from outside, team work, perseverance and whatnot else. Not to mention that some airlines still require or at least strongly prefer candidates educated to University level. So, that would indeed be a good way to spend the time which the industry needs to recover and come back more employable and better-rounded overall.