From what I've seen around me, the ones holding the engineering titles simply are more methodical in how they search for a pattern or key to how something works. They will have a better vocabulary to explain themselves too.
But maybe they aren't as good in thinking outside the box?
Kind of like how someone who has completed a formal philosophical education will usually be better figuring out the ins and outs of a particular text but not necessarily will have what it takes to come up with their own? Not sure - I'm a humanities kind of guy who works with engineers.
I've seen a lot of self-taught developers or bootcamp grads switch industry or try to move to "tech-adjacent" roles. Making it as an individual contributor is, in my experience, pretty rare.
I can see though how this would be an issue - in my experience there is a significant difference in quality between developers who just learned how to program on their own, and the developers who hold that engineering degree.