getting a degree is always wise. I have a degree (quite a good one, from a leading Uni), but I do not expect this to do much for me in the way of landing an airline job.
Maybe, if I do ever get to work for an airline, hopefully, as far as promotions go, if you take two equally experienced pilots, one with, and one without a degree, maybe the pilot with a degree will have a better chance.
I personally did a degree, as I would like to think that if the worse should happen, an I lose my medical/job, then I have more career options other than flipping burgers, or selling duvet covers in ikea!!
But everyone is different. The descision of whether or not to go to university is one which takes a lot of thinking and planning. If you have to pay for fees, and are living away from home, think about that too. This money could be spent on your flying licences.
I for one ,got free tuition and stayed athome, so I actually saved my student loan, which is paying for my basic trtaining this summer.