Is it fair to say that 'all' more experienced crew/captains/FO's will work for a wage as low as a freshly minted cadet? is it financially viable to them? I agree It's going to be a few years before flight deck jobs will emerge. I suspect many will leave the industry and not return...some have and will retire. Common sense that people who have lost their jobs who aren't near retirement will have to find alternative careers many have financial commitments which won't wait until they can get re-hired and as things stand that's not going to be for a little while for many.
I feel there is a frequent albeit somewhat warranted pessimistic view point across pprune, bucking the trend here I feel the industry will recover fairly quickly essentially once quarantine restrictions are lifted people will be keen to have their holiday that they missed and business travel should increase (yes I hear the online meeting arguments but frankly for me it's not close to face to face).
In my opinion there certainly are pathways I can see that will lead to this... 1) Vaccination (Pfizer is producing, Oxford/Astra Zeneca is close) 2) Faster and hopefully more affordable covid tests (technology is already emerging with 15 min tests) 3) A worldwide agreement policy on travel and covid along with immunity passports. I do think the biggest thorn in the side will be the state of the world economies, I think this will dictate how strong recovery may be.
Certainly it's a high risk time to train... but ultimately things will return it'll be a case of when not if, it's common human nature for people to think the current state will remain, good or bad, however the situation is very dynamic and even the airline top brass are unsure .... O.P I think it depends on your age and financial situation if you have age on your side a degree may be useful better yet some work/life experience is invaluable...ultimately only you know. I'm just not sure I'd recommend anyone taking on a big debt right now unless they are sure of their financial ability to pay it and keep current if needed..some go modular and that's an argument also... and a whole new topic of discussion ;-)
Personally I think 2022 will be a much stronger year if the vaccine has good results and enough can be produced... 2023 much closer to 2019 levels maybe a chance for jobs then.... I note certain airlines still committed to Neo's and 737 Max's...
I also note that there is a growing Covid fatigue, many getting sick of restrictions and hindrance to their life's (including myself) do we honestly feel that many people will just get more de-sensitised with time?...I do...
All my humble opinion of course!