Which raises the simple question, "Why?"
I'm not arguing. I'm sure you're right, in today's world.
But that doesn't make the question go away.
I guess because apart from whatever knowledge you've gained during training, the degree helps in documenting to strangers that you were willing and capable to commit to something halfway rigorous for a few years. That's why it helps to study something you are interested in.
It depends on the degree, too. An associate's or bachelor's degree, while also certifying that you've submitted yourself to some kind of institutionalized testing procedure that involves writing and examination, seems to be mainly about what you learn during your studies. On the contrary, a PhD from a halfways respectable institution mainly documents that you are willing and capable of organizing yourself through a long-term research project at a high level of abstraction where you have to generate much of the required knowledge yourself. It also documents that you know what you were studying, but from an employer's perspective this knowledge is usually secondary to what it says about your organizional capabilities.
I'm working where I work because of my degree, even though it my work is only tangential to what I was studying. The main reason was that in order to get my degree, apart from learning to organize myself for extended amounts of time, I had to do a lot of other things - do research, learn languages, travel, cooperate with people from different cultures, teach, work on the side. The degree basically certifies that at some point I've been capable of doing all that with some kind of result.
I don't agree that a photo degree makes you unemployable. If I had a photo degree in addition to whatever other degree I have, I wouldn't be any less employable for it. Having
only a photo degree is what makes it difficult.
I wouldn't go for a photography degree, unless you're already a halfways accomplished photographer when you start it. Instead, do something else that will feed you, while also giving you good opportunities to take pictures if you so desire.