This thread from the GAPAN website details some important questions that were asked to airlines regarding the employment of low hour, newly qualified pilots.
http://www.gapan.org/career/survey.htm
It appears that 'university entry level' qualifications are what most airlines require, suggesting that a degree is not necessary. However, I think it is fair to say that many of the other key skills they look for in low hour pilots would be learnt and improved upon while studying at university. This is not to say they cannot be learned through other means but speaking personally, I know I learn't far more at uni than I ever thought I could. I've grown up and matured a lot over these last three years and now feel its the right time to start professional training. Looking back I can honestly say that at 18 I wasn't ready for it. If I had the choice again I would go to uni, you learn so much more than whats listed in your course prospectus and you'll have a great time! Best of luck
WD