I completed my studies in the UK so I just got to focus strictly on illustration. I have a BA degree in Illustration now.
As for my own experiences it did massively help, save for my final year! First of all when I studied it was expensive, but manageable. Now England's tuition costs have increased so much I wouldn't be able to go back, especially with changes made to the student visas. (I am American, so had to have a visa to study there). My first tutor had worked for DC comics and was a hard man to please. He pushed us hard, but all the advise he gave was really gold. His experience and talent gave me a lot of respect for what he had to say even if we butted heads a lot. I think the best thing I took away from him is speed. We had insane deadlines, but still needed to maintain the highest quality we could in each project. I had to learn to balance speed, quality, sleep as well as other aspects of maintaining a healthy lifestyle. In my final year our class was merged with another and we were given new tutors. One of my tutors actually said to me during one project.. "well I don't know what is involved in making or publishing comics so I could be completely wrong." Just to give you an example lol. At the time I was working on a short comic. What I took away from them was to never let anyone steer you away from what you want to do. There is a difference between criticism and ignorance. Only you can make your dreams come true, and it won't happen by talking about it. Less talking and more doing!
I did learn a lot from my education, and it gave me more time to work on my art. If I had stayed in the US I don't think I would have bothered to go to college. The game feels too rigged here to leave students in massive amounts of debt. I think that is strictly your choice though and I do believe it has a lot to do with your tutors and what kind of focus you will be given. One of my friends took illustration at another university and her tutors were so laid back she was never really busy. Yeah that's an easy degree to get, BUT you're not taking anything away from it. At the end of the day I think clients care more about the quality of your portfolio than a degree. I have not had a client ask me about my degrees yet!