Definitely! This prevailing sentiment that practical experience can replace a CS degree baffles me. There's a vast array of topics in CS that aren't encountered in 95% of typical programming tasks. Then you've got the greater efficiency of learning when you learn things directly and can interact mentors and other students. No book or tutorial will have all the details down like a human that understands something. Then there is the crafting of a holistic program that ensures students get exposed to the right topics in the right order, building a strong theoretical basis. Also, more advanced or cutting edge topics are not going to be well documented so the academic world is a great place to get exposure. Also, you don't have career pressure to meet business goals so you can focus on learning. Also, the time structure and social environment helps with people that aren't completely self driven yet (the majority of young adults?). And then you've got the entire collegiate experience which gives you skills and learning and networking beyond your chosen field. I could go on.

I think people who trash university education either never attended, went to a poor school, or were studying something they didn't care about and thus never engaged properly.