I feel like we all know success stories, but I would say I have worked with a lot more phds than I have people without a degree. Does that mean that everyone needs to get a phd? No. You can be successful with any level of education, but it's unwise to advise any student to go for this without being exceptional.
EDIT: I have worked/am working at 3 companies, a non-profit, Tableau, and Intentional Software. I'm 21. I'm a student. Across the ~100-200 engineers I've met, I've been the least educated.