It is very easy to spot, just from conversation alone, whether someone has a degree or not. It is the whole experience of University which counts and will always give you an edge in any aspect of life. A degree in any subject, be it from Oxbridge or right down the educational tree to a former polytechnic, tells you lots about a person - good under pressure (exams), good planner (made it through long term course), good financial skills (survived on a shoestring).... the list goes on
It is known and recognised that most people socialise, marry etc... into their own educational group. I would advise anyone without a degree, who feels uncomfortable about it to join an Open University course and get going. It will allow you entry into any conversation at the same level as your graduate colleagues and will in fact impress them
On the aviation this issue is something which should be covered in CRM or MCC courses because it affects that Captain - Co-Pilot co-operation thing. The US has tackled this by insisting on a 4-year degree for everyone and has dealt with this issue. It is a burning issue which is reflected in the length of this topic