Yes - though I would say that it is possibly debatable in the Foundation stage, which includes Reception. I think it is entirely possible to be an exceptional Early Years practitioner without necessarily having a degree.
I also think there is a discussion around whether 'teaching degrees' (BEd) are a better or worse preparation for being a teacher in the long term than non-teaching degrees (BA or BSc) followed by initial teacher training via PGCE, teach first, SCITT or similar.
IME, BEd students going into primary teaching are often better prepared at the beginning of their career, as they have focused more on the 'craft' of teaching and pedagogy. However, depending on the exact year of entry, the requirements for some BEd courses are low, by degree standards, and so over time, especially in upper juniors or schools with very able cohorts, it can be that good graduates from other degrees 'overtake' this initial advantage and do very well.
As an upper primary teacher in a school with a highly able cohort, I have had BEd students on placement who have struggled with the content of the curriculum, especially subjects they may not have studied to GCSE (history / geography) or in Maths, where some young children can achieve very highly indeed given the right teaching (less true of e.g. English, where a degree of maturity is needed to fully appreciate e.g,. higher level texts). Part of the challenge of primary teaching is being a 'jack of all trades', and the academic ability to master new subjects quickly and in depth, and then to communicate them in an engaging and differentiated way is important.
All that said, a mature applicant, with e.g. years of being a teaching assistant, a good set of academic A-levels, and excellent English and Maths skills, might well make a good teacher after SCITT / PGCE training, but that would have to be a decision made on an individual level, not a 'blanket' no degree needed decision.