If that was the case then why were the vast majority of qualified hires those with degrees?....which was the conclusion of the study after all.
There are many useless degrees, there are many jobs that say they require a degree probably as a weed out factor. I know many stores required degrees for certain types of clerks/salesmen. I can't say a degree really gets you any better of an employee in this situation. About 20 years ago I remember Sherwin-Williams making a big deal about hiring people with degrees in their stores in the annual prospectus (I was a share holder). To me that is the perfect skill type hire vs degree.
Then there are other jobs that I think a degree would be much more appropriate than some skills.
I know someone who bragged about having 20 years experience at something when really what he had was one year experience 20x in a row.
There is a lot of gray area.