I think it is very restricting. When I left school, most professions had a variety of ways of entering them depending on whether you had O'levels, A' levels or a degree.
I had several friends whose education was truncated early for reasons beyond their control but were able to become, chartered accountants or solicitors because there were ways of training on the job. Now they would first have to go back to college to get A levels then go on to Uni. It would 4 or 5 years before they could even start looking for work in their chosen field.
Life has, however, got more complex. Many of the jobs that could once absorb youngsters with limited education have gone, victims of automation. Take agriculture, yes, there is still a demand for seasonal labour for crop picking, but the average full time farm worker now has to operate complex machinery, often computer controlled and be able to understand complex crop management schemes. All these require good technical training and a real understanding of the science and biology of growing crops and looking after animals.
Yes, there is too much pressure for young people to get degrees. Many of the subject now being offered are not degree level. DD got her first degree in acting. The course she did was laughable in its academic content compared with the history degree DS studied for. It had been turned into a degree because then the students on it could get the financial help then available to undergraduates but not others on further education courses. She has since done an OU degree in science and engineering, which was academically challenging and she rapidly found work in her chosen field.
However it need to be remembered that even apprenticeships require training in college and that the apprentice has to pass exams to get the qualification that is necessary for him to make a career in his chosen profession.