I always wonder how so many people feel able to belittle courses they haven't taken, and universities they haven't attended. Most of us attend one or two, and take one course at each, so have little idea about what goes on in other areas.
I worked in universities for most of my adult life, in a 'new' one, in a Russell Group one, and as an external examiner in a 'plate glass' one, and on balance I think that the 'new' one was far better at teaching and general student 'care' than either of the others. My student experience is very similar. I have degrees from each of the categories I've described, although all from different institutions, and I found the RG one to be remarkably 'hands off' and happy to let students sink or swim, which could be described as 'testing' as opposed to 'educating'.
As to the value of education, I think it is something that can't be measured. It's not about what leads to a job - to me, that is training, rather than education - but what makes someone a more 'rounded' person. An engineer who can join in conversations about literature, or an artist who can mend things, as (probably poor) examples.
There is also the experience of living independently, which is invaluable. Many students now live at home and go to a local university, but there is a big difference in how they mature (in comparison with those who move away) in my experience. Learning to live in shared accommodation, to juggle work and study, and to mix with people from very different backgrounds is something that most people who don't go to university never learn.
I can't say that that necessarily makes then better employees (although it might, depending on the role) but it does make a difference to the way people see the world - how open-minded or accepting of different opinions they are, for instance. How interesting they can be to talk to.
Of course, a university education doesn't necessarily make someone interesting, and some of the most fascinating people I know left school in their teens. That should go without saying, IMO. Also, I have known students who, even at 18, have not been brought up to consider other points of view, so only learn the subject specific aspects of their experience - such is life.
I suppose my point is that whilst an education guarantees nothing, it should not be written off if it doesn't lead to a job in the same sphere as the course. Education is not training, and whilst everything is person-specific and much depends on parental attitudes, so not everyone is able to benefit from an experience that should widen horizons, I would say that most students probably do.
There will always be people who want to hold others back from experiencing what they didn't, but I do believe in university for those who have the parental support to do it. I would like to see grants, rather than fees, but that is a different conversation.