I was one of the guys who did the Qantas cadetship - now probably one of the youngest FOs and I did not get a university education. Take what you want from that, but it's quite clear that bypassing university education gets you into the airlines much faster.
However, it's much like a double-edged sword. If there was enough time in the world for what everyone wanted to do, I would have most probably done a history degree because that is where one of my interests lie. I do no think that there is also any doubt that university offers many of the other benefits that those who advocate for it are arguing i.e. professional development, social environment, networking, exchange, challenging etc
In terms of an aviation degree, I don't find any particular strong advantages of completing one, but if another field? Definitely. Jieunni makes a really good point about life-long learning but I bet there would be several raised eyebrows with the fact that you're doing a combined law degree at a university that had a UAI (or whatever it's called these days, ATAR I think?) of 99.7 - the industry is becoming worse and worse. From the pilots that I've talked to, they wouldn't recommend this to their children. You could easily do something else, earn bucket loads of money, whilst still enjoying the pleasures of aviation.
Just my two cents