It seems most of the people who say degrees are a waste of time are the people who didn't do them! Basically, the Swinburne degree will give you a good overview of the industry that you wouldn't have got if you just did everything straight through the flying school. Sure, the degree won't help you fly the aeroplane, but it will equip you with a superior knowledge of the industry to the guy who's just shot through the flying training. Also, there are many employers out there that do know the work and commitment that is required to complete a degree, in fact a degree requires a lot more effort than than all the CASA theory exams. So it is not simply a waste of time as some people suggest.
Basically, at the end of the day it's your choice. Don't listen to the people who simply say degrees are crap and won't help you because they haven't done one. However, everyone's personal circumstances are different and if you are better suited to doing only the flying training then go for it!
Good luck
