That is correct. End-user utilities like Git are left as an exercise for the student, something that a CS graduate should be able, not only to learn to use in a couple of hours, but understand its inner workings without reverse engineering, and write its own version after.
The reason why Git is not tough in CS classes is that it is considered so trivial that is will be a waste of time (and tuition) to do so.
"In addition, it seems pretty obvious that with 20+ years of industry experience, a reasonably competent 40 year old candidate would be as employable as one with a degree. Who cares about university degrees that far removed from obtaining one anyway?"
It depends on what it will be writing; if it is another website that is just a magazine on HTML sure, no difference. If it is optimizing a compiler in assembler, correcting performance problems on a multiplatform system, or evaluating code for security holes in a sizable institution, then you better have your degree.
So if you have a CS degree, you're qualified to optimize compilers and perform security audits at large institutions? No way.
In practice these are two different and highly specialized jobs. Why would you not consider someone who has a proven track record of optimizing compilers? Or finding security holes in code? I'd rather look at a portfolio than a certificate any day.
If you've spent 20+ years doing exactly that (because you're 40+), then what difference does a degree make?
In addition, it seems pretty obvious that with 20+ years of industry experience, a reasonably competent 40 year old candidate would be as employable as one with a degree. Who cares about university degrees that far removed from obtaining one anyway?