Yes there is a good social scene on an ab initio course but it is very, very hard work and you need to be able to knuckle down and push through the work. Also, to emphasise my main argument - if you wrote a CV now, do you think it would stand comparison with the other people who will be competing with you for a job? If it reads: left school having lived at home, went to learn how to fly, then I would suggest that if the job climate is as gloomy as WWW would have us believe, then you'll have a tough time of things...
The opportunities and experiences (and friends) you'll get at uni will never, ever come around again and if you get out there and apply yourself to extra curricular stuff, you'll be out the other side in no time wondering how the hell you've been there three years, I left 2 years ago and it still feels like 5 minutes since I started!
You're a young guy, the aviation industry is in a poor state at the moment, why push on with training? In 3 or 4 years, it WILL have recovered, to whatever shape it must to survive, and you will (assuming you don't just sit around getting drunk and missing lectures) have plenty more to put on your CV. The worst thing I can imagine for an interviewer when asking for teamwork or leadership examples is repeatedly hearing 'Well, when I was at Oxford...' because it's all you have!