Depends on the degree. I don't want a doctor who is "self-taught" on youtube. Or an architect, or even a lawyer. 

In animation, yes you can learn it on your own and really don't need a degree for it, but even with that, there are things you learn in school that you will never learn on your own unless your networking skills are strong and you're able to get into a good company early on with good contacts that you can learn those things from, such as industry standards, do's and don'ts, etc. Teamwork is everything, and they don't take too kindly to rebels who think they know more than the rest of the team or think they can get by doing it "their own way". That approach will get you unemployed pretty quick, if ever employed at all. Cause your boss to lose a contract or be late on a deadline for trying to go it your own way and it will be a long time before you find work at another studio again.