Everyone has what makes them feel accomplished in life, to some people reading and attaining more degree is what they consider to be accomplished while others getting money is what they consider to be successful. Some of those users that you see reading and attaining more degree are doing so to position themselves in a good position for when an opportunity comes. The opportunity could be job offers outside the country as some companies are now targeting third world countries for employment because people there are cheaper to pay and the jobs can be done remotely too. Some study so when they leave their country they'll be in a good position to secure jobs outside the country while others are just to studying because they love doing so or they don't have any hopes again and looking for what they'll use to kill time while they wait on miracle but still the obvious answer to your question is no because majority of them waste their whole life getting degrees that aren't useful in the location they find themselves.
Both in a state where the employment rate is high or low, having just one qualifications isn't the right thing to do because the world is constantly evolving and job requirements are changing. It'll be an advance to you if you learn both academically and acquired skills that you can rely on if things don't work out as you have planned. Jobs will keep reducing as machine are been used for things human power were been used before so getting yourself equiped with skills ranging from one sector to another is needed to be employable. Academic shoudn't be neglected in the quest of acquiring a skill though as it's important for you to have degrees as it helps in various ways e.g social status.