I can remember two Captains I flew with at DAL who didn't have degrees. One was prior Army enlisted with 500hrs of Cub time hired in 1965. He had 2 buttons left on his double-breasted coat and he stunk up the L1011's cockpit with body odor. The other guy was Northeast and was a major tool hated by everyone (including his Mom).
On the other hand, out of the hundreds of college educated DAL pilots with whom I have worked, some have been equally as distasteful as the two mentioned above. (Though none so malodorous.)
Percentage wise the non college degree types have been 100% toolish, but the sample size is so tiny as to be useless. My non- scientific guess is that a college education helps weed out the crazies on the ends of the bell curve.