I don't think having an engineering degree will give you any advantage when doing the ATPL exams. I've got a masters degree in aeronautical engineering, and have sat the 14 ATPL exams, and I have to say only a tiny amount of what I learnt at uni I was able to apply to the exams.
If you do decide to go to uni, I would say do a subject you enjoy, as well something that is marketable as john_tullamarine says. Remember there's a lot more to uni than just learning. It's very useful for developing your character and gives you the chance to get involved with lots of useful activities such as the UAS.
I very much doubt that having an engineering degree will be looked on more favourably by recruiters than any other (much as I'd like it to be
). I also don't think having gone to uni will have a direct bearing on whether you're called for interview.
Good luck with your decision.
PW