I have a degree in Aero Eng, 6 years ago, it got me a job in NATS, which has now turned into a highly paid senior engineering position, which pays for all my flight training. That was the reason I went and got a degree, to earn the money, to pay for studying the next qualification, now I'm just about to start the CPL having finished all the ATPLs. Apart from anything, all I can say is now if all the flying goes tits up, I can come back to engineering and still earn a decent crust!
You make your own choices in life, and I have no regrets that I did not start pressing buttons for a living in my early twenties. I'm ready for that now as I'm approaching 30, cos I'm bored of the 9-5 trudge!
But does a degree help with flying? like **** it does!! It's about aptitude not how many letters you have after your name!