Airlines often score applicants using a point system. You get points for many things, flight related and otherwise. A 4-year degree definately is worth points (often a hard requirement), but a higher GPA may earn more points.

This applies to job opportunities in general...unless you are going to operate your own business, any large company will consider how well you did in school and in previous jobs. Until you are permanently employed at your dream airline (is permanent even possible) do the best you can in everything...it might make all the difference. Also try to avoid getting violated or failing training in a 121 environment. Everybody understands that s^&* happens in 91, but 121 problems are harder to overcome down the road.