Rudy,
A valid question indeed. I tend to think that a degree does teach you skills, whether or not aviation related, that can only help in situations such as getting a job. Additionally, a degree serves as a plan B, or something to fall back on in times of a crises.
Alternatively, building a flying career without a degree seems perfectly viable as well, especially at the moment. Either way, your going to be flying, and if you're persistant you will find yourself in the right seat (eventually the left!) of an airliner.
Swinburne seems like a great solution, as it mixes the two.
Bottom line is, do what you love. If you love flying, then do it. On the other hand, if your passion is medicine, then follow that path. Remember, you will get there eventually
Keep your confidence, and don't worry too much about the negative points. Every industry has its downs.
Regards,
Mins