Probably, yes. It's true that some of the greatest business successes have come from people who left school at fourteen or fifteen without any tertiary qualifications at all, but in the main, most people who've done this have not succeeded in a career or business sense, whilst many a Ph.D has.
When I was a lad, about 5% of people went on to study even for a humble B.A. If you had a university degree in Australia in the 1950s you were practically guaranteed to succeed. I recall that as late as the mid 1970s there were only about three or four people in the whole of the NSW Police Force who actually had a degree. It was the same in just about every big, government organisation.
Today, you just about need a Masters to get a job interview! Everybody goes on to uni - or just about. The competition for that elusive good, career job gets more and more difficult as time goes by.
I thank God, I'm a retiree.