Yes, lots of educated (and wealthy) citizens create markets for better services in cities. But decades of surveys of companies planning locations and of educated workers considering relocation tell us it works the other way around, too.
States like Arizona and Texas that base their plans for attracting high-wage (lots of educated employees) employers on cutting taxes usually do it by also slicing schools and other services.
That seems to be working in places like Austin, where the city makes up for the lack of State support for education (or actual hostility to it) by cranking up local sales taxes -- which fall more on the poor than on the affluent. Which is a sweet deal if you're making serious money as a twenty-something in technology there, but might not look so good when you have kids and you're looking for daycare and primary schools.
We're doing the experiment. Check in again in ten or twenty years to see which way the arrow of cauality runs.