The question is not “does it provide any value whatsoever?” The question is “does a degree provide surplus value to society, given its costs?”

This is not something that can be measured ahead of time, what someone does with their education.

Does it really not, when many of the other degrees already lost their value a long time ago?

Not sure what you mean by that, many other degrees still have plenty of value because they teach "soft skills" that are more broadly applicable and more difficult to automate. Hard skills always get automated away.