I guess it depends of the job. Most of the time degree doesn't matter, especially for web development. If I were a manager my focus would be on skills and motivation, not paper.
That being said, degree can be extremely important for people that are really into computers. Companies that want to push their tech up absolutely needs people with degree in CS. I mean, I can learn PHP, Java, C# etc. and be productive and pay the bills, but that is only one dimension of software engineer.
Some college classes give you perspective about computer science field. You tackle a lot of subjects and hopefully you are surrounded by really smart people who can teach you a lot. People who are good with math, algorithms and data structures, automata and formal languages are people who push our technology. I consider myself decent PHP developer (LAMP in general), I can develop various web sites and applications, and for the most companies that is enough. But tech makers look somewhere else and that's fine. Reason I'm telling this is that a lot of people have wrong perception that degree is completely useless. If you have right attitude degree is really good to have.
Regarding people saying that classes are outdated, that depends of the class itself. When you learn basics of programming most likely it is taught using C, C++ or Python. Basic principles are the same and almost never outdated. When you learn about networking and communications, you learn how protocols works on a bit basis. Almost never outdated. When you learn about algorithms, you learn about thinking smarter and outside the box, how to solve the problem in most efficient way, and how to analyse what you've done. There are some classes which are really not that interesting in the beginning, but are very useful. Algebra, math, automata, operating systems (in depth), system programming, data science etc. You can learn them by reading books, but most of the self taught folks simply don't learn them cause they don't need them. Basics of them aren't outdated, and while you don't need them to develop nice Wordpress site, go work on improving search engines, encoders/decoders, drivers for devices, data analysis algorithms, AI etc. and you're screwed.
Now, there are certainly a lot of examples where you learn something that is almost useless and/or outdated, like PHP 5.2, outdated Java etc. I won't go into details on that cause it mostly depends of professors. But that indeed is a problem and should be addressed.
People who think that CS degree is not useful are wrong and right. They are right in a sense that it's not useful for them, and that's fine, they are satisfied with their job and are working where they want. However, to influence on younger people and say "you don't need it, you just need to learn X if you want job Y" is kind of irresponsible cause it's not that simple. I also don't like when people who dropped college (or never went to it) have such a strong opinion on this. We need to be honest.