I completely agree that a formal degree is not needed for most dev-jobs.
University is more about social status and socialising.
You're learning how to behave in academic circles.
Other academics will prefer you over somebody self-taught.
They like you because you went through the same or similar struggles, and you pass that gateway with your masters or PHD.
This has nothing to do with the quality of your code.
University = More money and influence down the road.
I highly recommend to get as high a degree as possible.
You don't need it, but it makes your life so much easier.
BUT, as Front-End-Dev without a CS-degree, please allow me one plea:
Dear CS-grad, please spend your brain-cycles on saving the world, not on npm-install.
We're a place where coders share, stay up-to-date and grow their careers.
We strive for transparency and don't collect excess data.