For me mo depend na cya sa situation. For example, most people without a college degree that are successful because some have parents who can support them in starting a business financially and they are street wise (in a good sense). Others, requires a diploma to work and from there be successful. Pero going back to the TS's question... I would say "Yes" Not all are lucky enough some students needs to work just to be able to pay for a boarding house or have allowances.
Well I have known some friends to nga naa College degree pero they are working on jobs not related to their course like call center agents, salesmen, etc. But this does not mean that a degree is useless.
Lastly all I can say is : "It's better to have it and not need it than to need it but not have it..."