I neither have a CS degree nor have ever got a single certification and it's never hurt my ability go get SWE jobs, so I really don't know what you are talking about.
I'd say it's currently the worst for SecOps people, senior data-engineers working closely with infrastructure, cloud engineers who specifically prefer to not focus on one platform, etc. Three main clouds each offering many cert levels, plus the major vendors in your adjacent spaces, it can add up pretty quick.
And just to be clear.. keeping up with changes is something I do consider table-stakes for working with tech. But I really do not like the hassle/expense of yet another bullshit administrative burden forever when life is full of such things as it is.