Yes, but many people with degrees will never earn that much. Or earn it young enough for it be of any use. So how is that relevant?
A degree is an academic pursuit - it's not a substitute for actual work experience. You mention 'grads' not being good enough... well, what exactly have they done to make them better employees than someone just out of school? That's the point I'm trying to make. At our company (large MNC) both apprentices and graduates have the same recruitment process online tests, video interviews, competency questions. Of course, we know that an apprentice will have less to talk about (instant fail for any graduate who has no examples beyond uni group projects), but the bar isn't lower in terms of potential.
Also university name is not at relevant as it used to be- most large graduate employers don't place large emphasis on it anyway (except for specifics like investment bankers and Magic circle law firms).
I don't believe in telling anybody what they 'should' or 'should not' do by the way. You seem biased towards a degree at all costs. Of course, if someone's got an offer for Oxbridge, LSE or Imperial. Or doesn't know what they want to do, by all means go to university.
But if you're sure - AND your career choice has a degree apprenticeship - that's a better choice. I agree that apprenticeships aren't an option for the 'majority' because they're a) for certain fields only and b) location. But they're not just for those with no options.
What one should avoid at all costs however is rushing into uni just because everyone else is doing so. No harm in taking time to think. This cohort will probably be working until they drop dead anyway with our current demographics.