It's still worth it for high flyers with specific goals but for 90% of uni students, they are just putting off the jobs they eventually do anyways (and would of been better off going straight into) to do a pointless humanities degree.
My city is full of graduates working minimum wage jobs in retail, care, hospitality and call centres.
This is the key here but with certain countries more so than others. Canada, Australia and UK seem to have a much harder time creating jobs for graduates than America where I consistently still hear about college graduates getting very decent high paying jobs.
Everyone that my wife worked with that went to school found a job right after which is why my wife is in Business School right now herself. We're extremely confident that she's going to find work near one of the mega-cities right after and she's already made senior management at her company just on the basis of high school (that said, my wife is one of the high flyers you're talking about too so I suppose that does make a difference as well).
In any case, I think it's a government regulation issue (over-taxation, higher barriers to entry for entrepreneurs, high minimum wage rates etc) that has created a climate of poor job prospects for college grads in certain cities and even countries in the western world rather than lack of decent college education itself. Of course, the fact that people are getting ridiculous degrees in shit like "feminist dance therapy" and the like has a lot to do with their lack of job prospects as well. Schools are definitely ripping students off by implying good job prospects with bullshit degrees.
I honestly think college is pointless. A lot of the jobs that people pay a shitload of money to get a degree for that career field can be done without a degree. All they need is 1-3 weeks of paid on the job training before actually working and they're ok.
Not all college degrees are pointless in America. Only the ridiculously specialized social "science" ones are for the most part but even those cultural marxists have created an industry amongst themselves.
As long as you get a degree in something that's in high demand, you're set for life. I mean, if you're getting a degree where you watch movies and read books for 3 years, then of course that's useless. But if you're majoring as an engineer or any kind of technical expertise, then you're pretty much guaranteed a career.
This idea that "you should do what your heart desires" is a bigger problem than we're told. If you want to work, then you don't always or shouldn't always simply do only what you like to do ... until and unless you have an entrepreneurial spirit and can create your own brand out of it.