if i was offered the chance to do a degree or join CX as a cadet pilot, i would jump for the latter, hands down. you can apply anyday to any university to do any degree... you may only get a chance with cathay ONCE. so why not grasp the chance that CX offers you, finish their course and become an S/O, and then apply for a distance-learning undergraduate or postgraduate degree? there are plenty of pilots who have academic endeavours outside their professions and you wouldn't be alone.
anyway, talk to CX and see what they say. if you can defer, then do it. if your university somehow will allow you to finish up the remainder of your degree in a long-distance mode, then why not? but if they want you to start straight away or you won't be able to get back to finishing your degree after graduating from Adelaide, then you can think about whether throwing away your previous efforts at uni will be worth it. personally, i wouldn't let a once-in-a-lifetime chance to slip away for the sake of getting something i can always get later.
best of luck with whatever you choose. just make sure you think everything through first and you will be fine.
