Yes: The value of college is largely in separating yourself from the rest of society. For graduates of 1970ish and before, graduating alone was enough to separate yourself from "the lower class". Modern day, that distinction only belongs to a handful of institutions, as the push to subsidize student loans has significantly decreased the value of college graduation. If you don't graduate from an institution that places graduates in the elite positions, you might as well not go to college.

No: College is a crutch that too many accept. There are washouts from Ivy League schools and there are winners with no college whatsoever. Attitude is what's most critical, and a college education in the modern environment might suppress that, given the gatekeeping standards of certain institutions. Don't accept admission to a college you don't believe in, regardless of what your parents think. Trade school, the military, or carving your own path are much more viable options than mediocrity in college.