Before you go down the route that uni really isn't for him, I'd not write that off at all, but I wouldn't go rushing back without sorting out what really went wrong.
I was your son 20+ years ago. I went told my parents everything was wonderful, I was just desperate to make them proud. I failed my first year - huge shock to my parents - scraped getting back in to second year with retakes, but it got worse and I left in the second. The reasons - a real combination. Anxiety was a big one, I was absolutely petrified of the professors. I didn't turn up to lectures, I was always really scared of going in late. I also just couldn't get my arse out of bed in the morning on time (I still struggle to get to work on time). Sometimes it was as simple as that. I'd come from a really nurtured environment where I was bright enough that if I just went to the lesson I got it, so I never actually learnt how to study at school. When I got to uni, I had no self-discipline and just didn't know how to push through if something was hard - I'd never had to do it before. And, I did piss about getting drunk etc too. So some of it was me being immature, not understanding how to study by yourself, and some of it was some pretty serious mental health stuff - I did a lot of self-harm, felt very suicidal a lot of the time.
I changed uni & course, but unfortunately while I didn't piss about getting drunk I still had too much anxiety and came home a real mess with a total loss of confidence. Two more years of uni without a degree. I felt such a failure.
Eventually I got my degree through the Open university. I got a top 1st.
Then I got my masters from Oxford. I got a distinction.
I was, and am, very academic. I just didn't know how to function at uni.
My degree has opened up my career now, and I wouldn't be where I am without it. I'm incredibly proud of having tried and failed twice and still not given up.
I don't know why I'm sharing - just to say, don't write it off if he wants to give it another go.