I personally applied to CTC and was selected for stage 2. However, if I get on the course I want at university, I will probably have to give up CTC for now and go to uni first.
Again, I think that having a degree is important for many reasons. It provides a very very good backup if you work as a pilot. There are two main factors which make a pilot's job very unstable:
1) Airline financial status
2) Pilot's medical
If one of these is off, then you lose your job. I know a few pilots without a degree who eagerly want to study for a degree or maybe get into another job (like part-time instructing) so that they minimise the risk of losing a job.
I would definitely recommend university first if you made it to the course you like. Otherwise, it's a different story.