Yes, having many academic degrees will help us better our chances when competing with others when going for interviews. But to be able to ask for a high salary, degree is not enough, what businesses need is experience, working skills and results. That's why businesses always ask for experience when interviewing.
This depends on the vacancy as well as the company's needs. I saw study abroad applicants rejected and experienced candidates selected when I worked in the office.
This is what many students are suffering from, they have the illusion that just by having a degree, they can get a high paying job. But what they don't know is that getting a degree isn't that difficult and they aren't the only ones with degrees. They are living in a highly competitive environment, so a degree without experience is useless.