Earlier quoted context omitted.
As someone who dropped out of the process 1/4 of the way through you're not really in a good position to comment on the effectiveness of completing it.
1/3, and I dropped out of it because it wasn't teaching me (or any of the other people I met there, including those who didn't have my prior experience) anything - I got a first in the first-year exams if that's the kind of thing you care about. Absolute best case is that that degree has two years of useful content, and I rather doubt it.
I don't entirely disagree with you, there were certainly some later classes that were similarly not useful in the long run, but it wasn't a total crapshoot. My senior year included a year-long group project on a team of ~10 people that basically took us all the way through the lifecycle of a project -- from inception, to design and architecture, to polish and QA, to 'releasing' it. It was a very useful course that placed you into a startup-like atmosphere.
But I think this kind of confirms that apprenticeships may be far more useful to the programming field than college degrees. If my CS program did not include that senior course, I would probably pretty vehemently agree with you. And anecdotally, at my current workplace, one of our best programmers is a kid we hired basically right out of high school who has since grown in skill considerably thanks to the attention of more senior engineers.