You could call a college degree the new high school diploma. You could call a PhD the new Masters degree. But the bottom line is furthering your education will never work against you unless you just don’t apply what you learned. Not to mention the “connections” you make in college. How do you know the goofy guy sitting next to you in Drama class who always makes you laugh won’t become a Senator or a CEO of a major corporation? And when the two of you were “unknowns” you cultivated a genuine friendship with each other. Now that friend would like to hire you to serve in a trusted position. College offers more than just an education. It offers you a future with people who, like you, were in college because they had plans for their future.
As for the employers? Eh! They are always looking at their bottom line. They want to get good talent and spend as little money as possible, hiring, training, retaining, and retiring. As far as I’m concerned that’s all the employers see when they look at a job candidate. Doubt if that’s going to change. If you want to get hired you’ll figure out to get your foot in the door by whatever “signals” necessary. Surely you didn’t graduate from an institution of higher learning without learning survival skills. :)