The problem is that this argument has already been thoroughly debunked. College graduates make a lot more money over non-college graduates over their lifetimes. Unless you are in a position where you don't have to work a day-job, then it remains a good investment, especially when the alternative for artists is often working multiple day jobs just to be able to afford to live even remotely near some place like NYC or LA.

And these arguments always assume you're paying full tuition at a private school, and never consider scholarships/financial aid/state university systems that charge very low tuitions. You could move to a city, establish residency, and not even need to take out student loans for in-state tuition (depending on the school and the state).

If the argument is most art schools don't help you develop in the way that they should, maybe. But there isn't much of a financial argument to be made for not going to college.