Oh FFS!!! The RAAF have been doing this since Pontius was a pilot. Guys got a degree at the RAAF Academy at Point Cook in the old days, now at ADFA. They then went on to pilots course.
I have instructed both ADFA and direct entry types, and there is absolutely no evidence to suggest that those with degrees performed better than those without, and vice versa. Additionally there is no evidence to suggest that pilot graduates with degrees do better out in the squadrons than those without, and vice versa.
There are good guys and plonkers - regardless of whether or not they have a couple of letters after their name!!