I was a bit of an immature 18 year old and would have done better staying at home, at least for a year or so till I'd made uni friends to move out with. But I felt forced into moving away because everyone, including teachers at school said "oh, you MUST move away, it's not the full uni experience otherwise" . Actually not "everyone". We had a French person staying with us on an exchange, the organiser, not a student. He was surprised I was going away and said that in France everyone just went to study at their local university. Everyone here I knew was not taking into account my maturity levels or what I actually WANTED. So I applied away, didn't even look much into the course, and dreaded the day I had to go (couldn't understand why all my friends were so excited to go away and I felt very alone in dreading it).
I lasted 3 weeks, knew it was a mistake and that I just hadn't looked into any aspect of it properly because I didn't deep down want to do it, so was thoroughly unprepared. Came home, restarted a year later at a local uni, commute was a pain for the first year (bus and a train, from a village to a city) and even worse the second year when I'd made good friends and started wanting to really experience city nightlife so had to sleep on friends' sofas or phone parents for a lift home after missing the last bus back to my village.
But.....it all worked out well and I'm an entirely normal functioning adutl! I ended up moving out to a flat with my sister for my final year, I much preferred living away from my family home as had more independence for my final year. I just wasn't ready for it at 18. Some people aren't. It doesn't make them wierd, they just mature a bit later. I'm married with children and perfectly mature now at nearly 50
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Now I've got 2 teens going through the decision-making. DS1 is raring to go, off to uni in September and it will be away. I think he'll thrive as he's not the emotional home-loving type really. (he tells me this himself, "no offence, Mum, but I really don't think I'll feel homesick".) DS2 on the other hand in 2 year's time.... Wouldn't surprise me if he wanted to stay here. Would be fine with me as we are in a university city anyway. I know if he stayed here he would make friends, enjoy the nightlife and might move in with friends after a while anyway. So it doesn't bother me.
To be honest, OP, things have changed so much since the 90s if you went to uni then. Cost of living is really prohibitive to independent living now and so many graduates have to move back to live with parents for a few years anyway if they want any hope of getting on the housing ladder. It's no wonder that young people are ending up having long "childhoods". Living with parents as adults for a while seems to be the norm. I really don't think it will be too long before everyone will go to their nearest uni if the course suits and it's got a good rep. No pressure to go away anymore.