Only if your sole goal in life is the pursuit of money. Most of the people I know enjoyed their time at university, they got to learn in a structured manner about philosophy and other interesting topics while having freedom to indulge in intellectual curiosity. Life isn't a race to get on a career path.
I do agree that flunking out is probably the worst outcome though, so if academia isn't for you don't feel pressured to pursue it - it certainly won't make any difference in terms of your job prospects by the time you're 30 as a developer. We just need to stop treating university as a vocational training session.