Likely he means in terms of being asked for the documentation once you get an offer. I've only been asked once, in the German speaking world. My wife was asked the same, from another German speaking with.

In the Anglo world I've literally never been asked. Not by employers, not by investors doing due diligence, nobody.

Of course it's still true that it might have an effect on some recruiter looking for a degree. Can't say I've ever made a decision to interview or not based on whether the person had a degree.