IMO, that's generally correct but not universally correct. The vast majority of programmers are gluing together pre-built libraries, frameworks, tools and so forth and so really don't need much of a degree. However, the people who are creating those libraries, frameworks, tools, compilers, operating systems need, not necessarily a degree (e.g. John Carmack), but mastery of the knowledge provided by a degree to build those things. That's not to suggest one group is "better" than the other or some other value judgement; it's just an observation of trends.

Much like any other tool or instrument, a degree is invaluable if you have something in mind to use it for. If not, sure, it's just 4 years of trivia but it's pretty clear that's not the fault of the degree.