Syed
Almost all of what cryilroy has written is true and you must reflect upon that. As for the degree bit: a college education will certainly give you a far wider perspective on life to look at things from a more mature view; in addition a technical degree course will attune your mind to the kind of rational and analytical thinking that will keep you well ahead of the rest in learning from and interacting with people, as well as help you perform better in interviews.
BUT it will make little to NO difference if you pursue a CPL afterwards and then end up unemployed: any degree holder either needs to be a just passed out fresher for an entry level job or needs commensurate experience if he is older. A failed CPL after a degree will put you in that twilight zone which is neither of the two, and would not keep you all that different from a 10+2.
I am an engineering graduate who took to the skies, so I can tell you that from my experience. I currently work as a captain in an airline.
Cheers and best of luck.