but if 2 identical candidates performed identically in an interview and were exactly the same in all ways except one had the degree
An impossible situation and too weak to make your decision upon.
You say it makes you the jack of all trades and the master of none??? Well would that not mean that you are the jack of SOME trades, and still the master of NONE?
I am probably being thick but I don't know what you are talking about.
To finish, I have been to 3 interviews with different companies, and all 3 have questioned a fair bit on the degree course.
But were they with airlines to be a pilot?
There are many ways to skin a cat, the degree way is and is becoming ever more a more useless way IN MY OPINION.
ProPwannabe take command of life before you take command of an aircraft mate. Decion making is a vital tool of the trade and you need to make one and stick to it. Assimilate the information you have and just go for it, they'll all lead you to the same point more or less but at different costs and with different stress.