The presence of a degree is a good thing. It opens other doors for you that you may not have considered that might be related to helicopter flying, and means that you won't be b-s'd when someone starts to talk rubbish about any one of a number of things related to performance or handling.
I find it interesting that most of the major FW airlines won't hire someone without a degree, but a large majority of (civil only) helicopter guys seem to have a high school education.
(they are mostly very good pilots, and often don't want to do anything except fly, but it does limit them if something happens to their medical or the industry goes flat, or someone invents the anti-gravity ray...)
Not sure that the Master's degree is of much immediate assistance (only because I lack one meself?)