I believe the UK Governments target of 50% into higher education has nearly been achieved. So, one can argue at least 50% of the population entering the workforce for the first time are somewhat capable of graduating with a degree. If you also argue that some that were capable are simply dissuaded, either by the prospect of debt and/or unsure of their capabilities the total might be somewhat higher.
The fact is, unless you ontain a degree from a very good University in the UK, and when I say very good we are looking at maybe a handful, then your degree really has little credibility, other than perhaps impressing the earlier generation of your so called intellect (of which most did not go into HE, in fact 10 years ago or so less than 20% went into HE, and 20 years ago 10%!).
The Quality of education in the UK (outside of a few Universities) has declined considerably (either that or individuals have started making considerable IQ gains), even over the last decade. I mean a BA in "Media Studies" or "Furniture Building" or even "Football"... sorry, its laughable.
My point is, is a degree worthwhile nowadays for a Pilot? It would only be useful if the degree itself was seen as credible. Sadly, nowadays in the UK, most of them are about as valid as the old Joke in Redbrick Uni Library toilets ("Arts Degree, Just take one" scrawled next to the Toilet Roll Dispenser).
People here are arguing Degree vs. Non Degree. They should be asking "Good Quality Degree" vs Zilch (which believe me may be better than something).
A Degree in Physics from Imperial will no doubt get attention, a Football Studies Degree from Liverpool John Moores University... well, use your own initiative here.