(Apologies for typos...type it in the sun without my eyeglasses on, while waiting for wife and daughter to finish packing)
Really no right or wrong answers here.
Does a college degree help a person in their life?
Do certifications help a person in life?
The answer can vary.
What career are you going for? What job do you want?
I did not take any medical courses in college. it would not make sense for me to apply for a nursing position.
When I decided to change my career from..."quest for the badge" (to get into law enforcement)...to computers, I did not have any formal computer training. Yeah way back in high school I took computer science, which involved learning BASIC on Apple I and II computers.
Early in college I took a class in Fortran and Watfive...quite a few steps backwards. Those were for mechanical engineering though.
So when I decided to change careers and get into computers, I had started "self taught" playing with computers...and answered the ad for a small software house that wrote and installed/supported their point of sale software for gift shops. Seaport Software! The job advertisement included the phrase "experience preferred but willing to train the right person". I got that job. I planned on doing it for about a year, to learn, and then start climbing in my career. Their software was based on Clipper for DOS, Windows 9x was new, and they built their computers and networks for clients based on Artisoft LANtastic for networking. I was fast self learning computers, within 9 months I got them to start dropping using LANtastic, that Windows built in networking was good itself.
One day at a bar with some friends, a friend of one of my buddies was at the bar and talking out loud about this nightmare job he had at a Days Inn hotel, with their computers. I heard him say "LANtastic" and also "PcAnywhere for DOS"..both of which I had a lot of experience with. He was the the manager of a local Computer Land franchise, and he was working overnights on this job and not getting far. I offered to help, which I did, and he asked me to interview with the owner of the Computer Land franchise, which I did, and I got that job. At the 1 year mark of working at SS...right on my target.
I worked under one of their main engineers at CL, he was a Microsoft certified this and that. I gained a ton of experience.
ComputerLand had me to COMP TIA training after just a couple of years. I went into the A+OS and A+ Core classes...feeling like I could teach them, but I did them, easy for me. I also did the Network+ class back then. The day of the exam I had a client911 and missed the test, never went back to do it again. To this day (over 25 years later probably 30 years later)...I still can't think of a single instance where knowing the OSI network model helped me. And I can spit out class C networks in my sleep, deeply aware of DHCP, DNS, dynamic IPs, static IPs, port forwarding, blah blah blah. Back then I was at the forefront of broadband routers and Microsoft Small Business Server, I built the first half of my career in converting businesses over from dial up and POP email, to broadband, routers, and Small Business Server with vanity email and remote access. All of this...self taught. Due to many of my articles across tech websites, and helping people in tech forums, Microsoft gave me MVP awards quite a few years in a row. All self taught, my own initiative, no formal training. I just devoured books on Small Business Server, like from Harry Brelsford (I'm still friends with him to this day). And I became staff at www.speedguide.net....friends with the owners of that website, which focused on broadband technology, tweaking Windows.
In my career I've come across some techs who are what I call "paper certs"....they studied at braindump sites to memorize tests and pass them. And then put them "in the real world" and they're clueless. So "I have certs"...doesn't always mean you're good at the job.
The world of IT is very fast changing. Education is usually...quite a few years behind "current" in what they teach. So it's hard to learn relevant current education in this field, unless you do lots of "micro training" and immerse yourself in this world.
However at the same time, I feel that a kid going through the college experience...living on campus...can help make out for a "more well rounded" person, I feel it's an important part of growing up and becoming a young adult. Socially, mentally, not just education wise. And I do say this on a more "general" aspect. I know individuals vary, some kids and mature into young adults quite well without a college experience. I'm just generalizing.
I don't have any IT-centric diploma from college, My "in the real world experience" can likely land me a good job if I picked up and relocated elsewhere on the planet. I would not have to break out my diploma from UCONN (Go Huskies!) nor would it be relevant...if I stuck with the IT career path.