I think it really depends on what your goals are. If you're just aiming to get a job or make as much money as possible, then yeah I think college is often overrated. But as somebody who took the nontraditional route and is now interested in the "harder" aspects of computer science, there are absolutely gaps where my formally trained colleagues have a leg up. Formal academic bodies of knowledge, and getting exposure to them, absolutely have a use. But you for sure don't need them in many day-to-day jobs or to advance as a professional much of the time.

EDIT: this response assumes a good program / department. There are absolutely subpar college programs that are a giant waste of money and time.