having a degree gives no indication whether one can operate a modern jet or
not
Sure, having money does.
I have a degree yes, but I don't' believe it really adds much to my ability to
fly
And because of your degree I can assume, that you are an intelligent man, who I can trust, since you have proven yourself in the world of academia. You would of course still have to prove you can fly, but if I would have to choose between yourself and a fitness instructor (let's presume you both are equally proficient in flying) I would choose you. In today's aviation, I would have to choose the one with a thicker wallet (ie fitness instructor, since you studied while he was working).
I know of one Easyjet captain who only has GCSEs, joined the Army, then left,became a small aircraft pilot then went ATPL and now has four stripes in an A320
Do not compare past with today. Today's cadets cannot have the same level of experience that the guys 20 years ago had. Education does not matter with them.