I hear this fallacy a lot.
A lot of people seem to give it a pass and nod along with it, maybe because it makes them feel better or maybe because it seems like the politically correct thing to say in a room full of talented hackers, only some of whom went to college.
While you in no way need to go to college to be a developer, I think people should be highly skeptical of this claim.
Look at the claim this way. Given two people with equal skill and ambition:
* the first one spent four years learning computer science and software engineering in school while hacking
* the second one spent four years hacking
The claim is that those people more or less have the same skill set.
It just seems unlikely that there's "very little" that the computer science program gave to the developer. It certainly doesn't match what I've actually seen in-field.
Of course, I'm biased: I went to school for computer science. Does anyone actually have evidence to support the other side of the argument?