I've always been kind of autodidactic, so maybe this might not be the opinion of everyone. But I think apart from the degree signaling my employability, meeting and working with smart people was the main benefit of university.

If it's all online you've lost this important place to connect with others. What you learn is basically available for a fraction of the price. It's only the degree that you're left with basically.

Is it reasonable to say "full value under the circumstances"?

I'm trying to understand the limits of entitlement in a pandemic scenario.

I live near a large (50,000 undergrad students) state university. They have means to survive, but are losing money at an amazing rate right now. If students come at the university with lawsuits and demand refunds en masse, it will be bad for everyone -- including the students.

This situation is different, unique -- and should be treated differently than "I didn't get exactly what I paid for," especially considering what went into a best-possible-alternative workaround.