In my opinion, the degree route is forced on us by EU rules that EU colleges teach to degree levels in almost every vocation - hence the UK rush to push the degree route for almost everything here.
Notwithstanding that;
The Academic Route:
A mate of mine says that he has seen some newer (degree-taught) engineers making some really talented diagnoses of faults. Fair enough, some would be talented, some may not be talented. This means they are no different from non-degree engineers who may or may not have a talent for the job. They may have more business acumen, but maybe no greater understanding of systems than vocational engineers.
In 5-10 years time a great deal of degree'd engineers will be about and no-one will be able to tell the difference between them and the non-degree types (unless there is some real difference in retention and implementation of theoretical standards). The degree engineers may move into business or management earlier - if thats what they want to do? I would wager that that would happen more for degree engineers who now learn by computer and calculator and not in wind and rain.
Some management may tend to use degree engineers to release aircraft from Base Maint - but I can't see what that would gain? Except releasing aircraft to achieve better KPIs.
At the moment I cant see degrees making more value on the working front, and I cant see the point of doing all the studying and exams for a degree just to bend rivets, change bulbs and turn spanners?
The Vocational Route:
Will generally stay the same, stopping the new guys stuffing up when they can.
Employers will pick who's cheapest.
...and good luck for your teaching training.