There are a couple of things about the ATPL that are over-egged in my opinion. The maths required is a subset of the GCSE syllabus and as such is pretty basic really. The course itself cannot possibly be compared to a degree. The requirement is 650 hours of study. This is six months full-time or a year part-time (or there abouts). A degree roughly is the equivelent of 2,000hrs of study or about six years part-time. As I don't have a degree, I am looking to start a masters soon after my ATPLs are out of the way. The study time is estimated at 1,800hrs...so that is a three year course part-time.
The ATPL theory stuff would be the equivelent of say a UK NVQ (National Vocational Qualification); the course that cooks, mechanics and plumbers do at Further Education establishments.