A degree is a piece of paper that more or less says, "I can learn from a texbook." As far as I'm concerned, for the vast majority of jobs (certainly not all), on job experience & the ability to retain & apply that learned knowledge is much more important.
I work at a University. My department in particular, loves college degrees, especially advanced degrees. My former (now retired) boss has a masters in IS and was maybe 1/2 way into her doctorate. I have a bachelor's degree. If you looked at our work, and who was doing what, as well as who was capable of handling various questions/projects, you'd assume the level of education was reversed.
There is absolutely no question I (along with my co-workers) were/are a much more valuable asset to our department than she was. She had a near 4.0 GPA and more pieces of paper than me (and my co-workers), but she quite literally couldn't do any actual work that the rest of us could. She has since retired, and we haven't missed a beat. In fact, we're probably even more productive at this point because we don't have to bring her up to speed or answer questions she should already know. Still waiting for them to move on to hiring for her position, as it's a position I want. I guess this goes back to the fact we didn't lose anything and they see it as a cost savings so the process has been sloth-like slow, but I digress.
Sadly, we have multiple examples of people who fit this category. On the flip side, we have a few people who have associates degrees and are more than capable of doing their job. And overall, better employees than some of those with bachelors, masters etc.
Having a college degree is important to crack into the workforce, because it makes it much easier to get interviews. From there, there's a fair amount of luck, as far as who you know and opportunities that open up along the way.