Does having a college degree actually give you a better chance at a higher paying job?

I am at this point in my life where I am reconsidering college, but I hear so many stories from people who have a degree but do not use it since the job market is so oversaturated and now entry level jobs are paying same as jobs that require some level of college. I want to ask anybody who has already pursued college what their experience in the work force is because Id love to believe this opinion that I have against it is just biased. Personally I mean if I seek for a promotion at my entry level job I will be getting 21 an hour and that seems to be average for degree required jobs in my area, so why waste the 4 years for the degree when I can just apply myself with my company and get the same results? Please enlighten me reddit