TL, C.A., gaunty, Mount'in Man, hmm
Got it all in one! (Well, five anyway)
Your posts sum up the most important factors about degrees...
mighty wings, and others, a degree is only what you make of it. University qualifications are only as good as what you work to achieve by the end. Having a 'piece of paper' should not be that aim!
I have a degree and consider it to have given me a lot (intellectually, professionally, and personally) - it certainly has not opened any doors directly... in fact, it has opened none! No airline in Australia will consider you more suitable as a pilot by simply having a degree. Degrees can often meet part of the minimum requirement for a position (in any industry), as is the case with many overseas airlines. However at the end of the day, it's how you are as a person - whether you're more suitable for the job than the next applicant. In aviation, having a 'piece of paper' will not give you that suitability - but the process in obtaining the degree itself can, because it's largely in those years where you develop the range of attributes that has the potential to give you that 'edge'. Time studying at University allows you to grow as a person (especially if you're straight out of school). So if you have an attitude that allows you to use your experiences and knowledge gained at University, there is a lot to gain.
On the subject of doing something other than Aviation to cover yourself if 'something' happens... do it if you want to. There was never anything other than aviation I would have been able to commit to for a number of years - so there was never really a choice. If I lose my medical, then it's off to AirServices and ATC... or Ground Handling... or Flight Planning... or overseas... there are other alternatives within Aviation!
Of course, it's a personal decision, and getting hours up immediately may be a better option for you as an individual. But remember,
hours are not everything. It only opens the door - a degree might just help you walk through it. 
Lancer