Graduate level jobs still require you to have recently graduated from something. In my field that means "a degree in computer science or equivalent". It's still the path of least resistance for getting through the door. Yes, there are often other routes, but they all involve working harder than everyone else. Apprenticeships don't really scale for corporate roles, there are too many candidates, and it requires too mu…
And yes, for certain technical fields, you will need 4 years of rigorous education in the basics of that field to be basically competent.
For other fields, networks + connections + opportunities is what you will glean (on top of the socialization). And the location matters! I'm sorry, but if you're doing marketing/communication at a state school in Nebraska, you will have a much harder time than the kid going to USC/UCLA/LMU or NYU/Columbia on the same degree. Because those kids will be quickly snapped up for jobs at marketing firms that make enough money to pay them enough money to make the degree worth it.