As for equivalency between a degree and an ATPL, not a chance!
No, you're quite right. Uni is a bit of a doss, and gaining a 2:2 or 2:1 is a stroll in the park, easily attainable with several big nights out a week, staying in bed till all hours of the day, eating microwave meals every day, and just occasionally picking up a pen and doing a leisurely spot of work.
Meanwhile, the same can surely not be said for pilot training, which at least requires effort and commitment, and the above factors would undoubtedly not lead to success.