Perhaps that's true in the US. Here in Eastern Europe, University education was pretty elite (in terms of intellectual requirements) before the "democratization" of higher ed. Heck, high school before the war was most likely mentally harder than many higher degrees are today.

That sounds like you agree with the parent, but your tone suggests disagreement?

I neither agree nor disagree, I'm just not familiar with the US situation. I'm certainly aware that, especially historically (pre-XX century), US universities were finishing school for the well-off, but I don't know how/if the dynamics changed after the WWII, with introduction of GI bill etc.