Somewhat true. At one time, a high school diploma meant that you could read, write and reason; do basic math and had a fairly broad knowledge of science, history, civics, literature and the arts. Unfortunately, a BA does not necessarily guarantee that anymore.
Some years ago, I had a boss who insisted on hiring only college grads for assistants in the office. I found that it was hit or miss as to whether they were intelligent employees capable of solving problems with reason. When I got the responsibility of hiring, I based the decision on how well they could think, reason and communicate.
I'll bet you're doing a much better job of hiring...
In the old days you could look at a person's resume and see if they had all the right 'tickets punched'... Today that can't be done. Colleges are keeping kids in school based on 'student loan graft'. Someday it'll be exposed for what it is... until then you have to continue counting on your instinct and experience.