Why wouldn't it be respected?
Both myself, my OH and plenty of our friends went to arts colleges and Universities, and now have a range of jobs between us including photographer, shoe makers, textile print designers, graphic designers, animators, video producers, marketing and branding specialists, fine artists, artworkers, illustrators, creative directors, magazine editors, visual merchandisers, the list could go on!
Good arts schools can be very competitive, as UK courses at the top uni's are very sort after by international students. You needs to be good at communicating, taking criticism, explaining your ideas, working in groups, analysis, design theory and presenting to others. The course tend to be more practical and related to actual jobs than other degrees, we often had design brief given to us from actual brand agencies who were working on similar projects, which means you build up a great portfolio that relates to real life jobs.