I think the “signalling” school is going to lose the argument.
It is scandalous how easy it is to graduate with “some degree, any degree”. If you have money and a pulse you can get a degree and employers know it.
When I was searching for jobs in the past, often one of the requirements was a minimum education of a BA in any subject. It was a way for HR departments to weed out a bunch of probably otherwise highly qualified candidates, just so HR didn't have to sift through 10,000 resumes for one job.