I'd suggest that although there's some crossover, the two lead to totally different career routes - it's almost a coincidence that each is called Engineering.
If you know and enjoy aircraft maintenance and support - then go JAR-66 or some equivalent, become a LAME (or equivalent) and continue doing what you are obviously good at, without being shot at. I'm no expert on the money, but it's pretty good, although I've met very few LAMEs who don't whinge constantly about the hours and conditions.
The degree route is for somebody who is looking for a quite different career. It's for people who enjoy the design / analysis / testing / backroom support of aeroplanes. You get to wear a suit, don't get shot at, work regular hours. For a 22 year old straight out of university they start on around £20k, but for somebody like yourself it's likely to be more like £30k since your RAF and maintenance would carry a lot of weight with the right employer. Not as good as many LAME are making, but on the other hand it's a classic route - if you want that - into senior management and there isn't really a cap into how far you can go (nor, to be fair, a guarantee you'll make a penny more unless you prove you are worth it).
G