I’ve known devs with Masters degrees in the field who are outdone by interns. Higher ed means nothing to me unless they can prove, by other means, their worth. Some of it is just the poor higher ed programs out there who do not give the proper experience to the students when they graduate.
It’s harder to assess new graduates than it is someone who’s worked at least a year in the field; even then, new graduates in the field should be coding on the side in school anyway. ;)