The only upside in any degree is for the education institutions balance sheet. I worked in recruitment in a previous employer (airline), we did not take a degree into any decision making, nobody cares, I never had a pilot in a interview mention it either, as they know, its pointless and management don't care. The ATAR mark is low because they are after numbers, ie profit. In fact, many education providers are currently in balance sheet repair mode after the previous few years, expect the entry barrier to possible even reduce further.
A Cadetship will be always be competitive. You are essentially bypassing the GA route which is very unattractive (too hard) for many. Financial assistance is also offered.
If you get into a cadetship, then great, if not, it's not the end. Work full time until mid 20s, self fund a CPL, get some 210 time, move to Darwin and they will hire you soon after.