It seems that with the implementation of the JAR ATPL exam application changes (the forms needs to be stamped / signed off by the training provider when the student is, in the opinion of the school, capable of passing, and not self certified as such like the old CAA exams) there are fewer people failing the exams. Therefore the degree scenario would seem little justified as you shouldn't be sitting the exams until you have reached a minimum standard. Granted, training may take longer and cost more, but if it works then so be it.
That said, it could be argued that attitude, coupled with the ability not to get flustered in an exam class sitaution is of more importance than holding a degree in flower arranging or greek classics.