Further academic education is useful for a subset of individuals. Many people would have a larger positive effect on themselves and others with the addition of skills (a trade, electrician, plumber, mason, ...) and experiences you rarely see in a four year higher education institution. Most academic learning can be gained with a library card and a discussion partner. This leaves aside the question of financial value to the type of education they are pursuing.

I also disagree that you can't be an expert in multiple fields. People that love learning can advance to that status in several fields in a lifetime if they wish. Expertise is also somewhat relative and often quite limited.

I think a highly specialized society has great benefits for economies of scale and intense utilization of comparative advantage, but I also think a lot of people would be happier if they slowed down and had greater breadth. Physical work and tangible achievement through self reliance is phenomenally rewarding. Much freedom is gained in breadth of experience.

"A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects." --Robert A. Heinlein