A degree still works for some people and in some countries
Of course, if you do get a job, it is needless to say that a degree can make a difference. Even in professions that don't require much of a certification, such as those related to sales, people who have passed through university tend to be better paid and find more chances to be promoted.
Also, there are professions where a degree is mandatory, such as medical doctors, lawyers, and engineers. So if you want to become one of them, you already know that there is no way around it. And yet, it won't ensure you economic mobility, but it is very likely that your lifestyle will improve as soon as you are contracted.
And it is also true that in many countries, especially those in development, a university degree is still seen as a symbol of status. As many people don't have access to primary or secondary school, being able to complete a third-level education is an achievement that can increase your economic status without much effort.
The Way Things Are
So, earning a degree gives no guarantee of economic mobility to anyone. It might happen, it might not. Those planning to enrol in the next study year should be aware of it and make their choice regardless, focusing on what they will learn and how they think a university degree can improve their lives. And nothing else.