After 5 years as a CFI, I've seen/flown with people with college degrees in aviation related fields that simply could not fly as well as some with a HS diploma, little college or even a GED. Not that it was always the case, but IMO, a balance between theory, the text books, and practical application in the airplane is where it's at. Book smart doesn't mean you can fly, nor does it mean you're safe or unsafe.