Farmers can make a lot of money, or at least somebody does. A single family Saskatchewan dryland wheat farm is typically worth $10M in land and equipment so either the farmer makes enough money to pay the interest on a multi-million dollar bank loan or enough money so that continuing to farm is preferable to retiring and living on the interest.
The problem is of course the variability due to weather and wild swings in commodity prices. A farm can produce a high six figure income one year and lose six figures the next.
But as you noted, if you're not looking to pull six figures per year from your farm, then it does become quite a bit simpler.
On the other hand, livestock farming is incredibly hard work (cows need to be milked 365 days a year) and you more or less always lose money.
Pests, bad weather etc. are definitely issues even with modern farming techniques, so in a good year you make a bit of money but in a bad year you can lose most of the crop
Of course, it's not our primary source of income, as that is my work as software engineer. For her it's a nice hobby.
I don't think you'd need a degree anyhow. Plenty of stuff can be learned online these days. And you don't need a lot of equipment either, if it's just to take care of yourself or your family. Depending on your community, you might also be able to rent some equipment if you need it at times (my girlfriend rents some equipment, tractor or some such with a driver, to cut the rice, about 2 times a year, as do most people in our village).
If you have a bit of a garden, can easily start as a hobby, I think.