The degree shows several things:
1. You are 'educable,' obvious benefit to employer.
2. You are serious about self improvement, same benefit.
3. You can stick it out for a while, same benefit.
4. You want to provide greater benefit to employer, see above.
5. While you are at it, do it in a discipline outside aviation (long-term potential benefit to you, just in case)
6. Let your aviation training and experience cover the difference.
7. Avoid totally bull**** programs - forget underwater basket weaving - type programs. Probably better to avoid 'general arts and sciences' programs - they are perceived as less serious, academically. Also, avoid heavy majors with a lot of tough required courses (unless you're a natural at that kind of stuff) - you don't need that and it's much more time-consuming and difficult.
How much of this makes you a better pilot, I leave to your (and HR's) judgement. It does make you a better person, and that's why they care about it.
But it's real, and in today's hiring marketplace, just do it. And while you're doing it, find ways to enjoy it - take some courses that interest you (ie: fun!) and figure out the best instructors where you are studying - they stretch your brain with a larger benefit -pain ratio, and that's good.
I finished my undergraduate degree at age 24, three schools and military service later. I was better for it. After the first hire, the specifics didn't matter much.