This is a classic question in this field and we see it frequently on this subreddit. Typically you'll hear one of two responses:

No, experience trumps paper any day

This response has merit without a doubt. Many job descriptions will explicitly state some sort of experience exchange in place of a degree. There are absolutely groups in this industry that prefer the guy who skipped college and spent four years learning the ropes of a particular discipline (Linux administration, programming, web development, whatever your flavor might be). You can absolutely find work without a college degree in this field.

Then we have the opposing arguement:

Yes, a college degree opens doors and differentiates you

A college degree can absolutely help open doors for you in IT. Remember that bit about substituting experience for a degree before? You'll notice that while many employers are willing to make the substitution, a combination of five years of experience and a four year degree is a powerful difference maker when comparing your resume to others. So, while someone with four years of experience may make a significantly superior job candidate compared to a college graduate with an internship, down the line that college graduate will have a more diverse arsenal of experience and education.

It's also worth noting that we see a frequent number of posts in this subreddit related to burnout and 'getting out of IT'. This is a stressful field and wanting to get out is not uncommon. Individuals with a college degree will have more options and flexibility with their career growth.

But why does that education really matter? Isn't this a skills based industry?

Well yes, to some extent you are only as good as the skills you have. But college degrees demonstrate critical thinking skills and commitment. As you are currently experiencing, college is a full time job in and of itself. You are honing your communication skills, you are learning to ask why, and most importantly you are learning how to learn. This skill is a continuing path of self education. You will have to teach yourself many technical disciplines and earning a degree truly bolsters your ability to educate yourself.

Full disclosure: I have a four year degree and I am currently pursuing a master's degree (not in IT, Data Analytics) funded by my company. A portion of this subreddit would say that my pursuit of a master's is pointless and that I am wasting time. I have found this to be simply untrue, as my program has already yielded invaluable industry connections and opportunities within my organization. There's a notable difference in the sort of attention I receive from recruiters.

So, I would argue that education makes sense if you can afford it. I know it's tough, I've been there. I worked as a systems engineer during my undergrad years. But in the two years after graduating I saw a 42% salary increase. And while that's an anecdote, look at any salary overview for the different levels of education in our field. Bachelors degrees can clearly pay off.