I think It is ultimatley a matter of choice. If you don't think a degree would help you in anyway then don't go for it.
I personally chose to do a degree, fully knowing that I did not need one to become a airline pilot. In all honesty though It's the most valuable life experience I have had! I'll be starting my CTC selection next week and I'm pretty certain with a degree behind me and more importantly the experience i have gained from uni behind me, I will have a much better chance of getting through than If i had of applied 3 years ago!