The reality of the current job market is that if you want a job which you could use to fund flying training to a significant level in the future, you'll need a degree.
I work in recruitment, and for any decent paying position, graduate or otherwise, you won't get a look in without being "degree qualified".
Whether the degree is relevant to the job or not is another matter. Some employers specify what they want, others (usually the non-technical disciplines) just want to see that you got the ticket as it affirms your ability to learn/some semblance of academic ability.
Not having a degree won't stop you from getting a job, but it will limit the opportunities you can apply for at the start of your career.
And as said above, if you lose the Class 1, you're scuppered and having a degree gives you a bonus over others looking for a job.