I know a couple of Middlesex CTC people, but my info is 2nd hand so don't rely on it's accuracy.
The degree entitles you to student loan funding, great to help with the living expenses (read: nights out) whilst training.
It's distance learning and mostly reflective writing, essays on particular parts of training. All the guys I've spoken to see it as easy and a pretty pointless degree but gets you those three letters. "A crock of $***" is how two of them referred to it as.
If you go through CTC, no airline partner requires you to have a degree, and many people end up at EZY/TCX/MON/RYR/BEE without degrees.
Will it put you at an advantage by having it? Possibly a small one, it depends how well you can talk about its benefit, such as in an interview talking some standard-issue nonsense about how its caused you to improve.
Will it put you at a disadvantage by not having it? Absolutely not.
Only you can decide whether you should do it or not.