The reason there's such a strong battle here between university degrees versus practical experience is that people are erroneously lumping all university educations into one bucket. They differ. Schools differ; degree programs differ; teachers differ. It's not enough just to get a degree. It really does matter WHERE you get the degree, and what YOU put into it.
A good student pursuing the right degree [for them] at a good school will find it challenging, interesting, rewarding, and worthwhile. They will take the responsibility to read between the lines in textbooks, focus on labs, and learn the practical in addition to the "theory". (I put "theory" in quotes because, having been a student, worker, employer, and teacher, I find many BAD students play the "theory" card and whine when they're faced with scratching the surface of *practical* problem solving.)
A good university weeds out a large percentage of entrants who never graduate, and who shouldn't graduate, because they chose the wrong field, didn't have the discipline, or didn't have the brains. If it's a bad school, you get good students who quit out of frustration. If it's a good school, you get bad students who quit out of frustration.