It looks great out there for self-sponsored AND for sponsored. Seems you are fortunate enough to have the choice, with your father willing to place the investment.
Why not go for sponsorship? You have good backup options, could save your old man money into the bargain. Failing a result, the degree is definitely the goal to go for. Remember also it may only be for a few more years they take people without one. Also the air training providers are of a good standard, so in the long term you can only benefit.
...Don't think the recruitment situation will change that rapidly (3 years)..Besides, for all the airline slots getting filled, people are needed further down the chain.
The extra years at uni will come in handy come the interviews as well...