You can give your child the gift of a great education without paying for private school.
You can make their education more holistic and offer greater breadth in the holidays.
Children certainly don't need to go to private school to go to university - everybody and their dog goes these days. You set yourself apart more by not going in many ways.
Loads of people who went to the more affordable private schools in the past received a rather patchy education. The one I went to employed a lot of unqualified teachers and "eccentrics" who couldn't find new posts when the school went bankrupt in the 1990s...
30 or 40 years ago plenty of fairly ordinary parents with one income from a professional job could afford private schooling, in many cases their equivalents in the same jobs can't any more even with 2 incomes - a lot of the schools they used have gone bankrupt.
The private schools can't have been that great if their alumni can't afford private schooling for their own kids
or wouldn't choose it.
I think private schooling made me struggle when I first tried to fit into normal life not because it was elite at all, but because my world was so incredibly small and limited. I had no idea how to cope with a lot of very ordinary situations. This was exacerbated by a very narrow, rural home life admittedly.
In some careers there is an old boys network, it's true. That's shit. However who's to say your children will want any part of that sort of career or those types of people?
Most of my old private school friends seem to be teachers or nurses or sahms or farmers - no need for a private education to do that, money down the drain if you view it transactionally as paying for better career prospects!
My kids have had more residential trips at state school than I had at private school, and their state schools offer a wider range of subjects and extra curricular activities.