Can confirm with a very condensed anecdote: I once applied for a job that required engineering degree in electronics or mechanics. I’m a hischool dropout. Interview went well, and I got a job offer a month later. I got the impression that they were more interested in the right type of person with relevant hands-on experience, and in my case that experience meant IT/Linux (I was always a hobbyist geek)and being used to operating heavy machinery (Grew up on a farm).

I’m still in the same industry, and I earn more than my friends with masters degrees.