Not at universities with good courses - i.e. where students have a) high average UCAS points achieved on entry [1] or b) universities with courses that employers love to hire from.
Everyone recycles this same line over and over again, when it's in essence just BS. The statistics take into account poorly designed 'IT' courses, universities with subpar students, and for the most part a severe lack of initiative on students to pick up programming skills in their spare time. Absolutely EVERYONE I know who took the time to solidify their CS theoretical knowledge (i.e. they did well at uni) and cultivate a background in programming has ended up doing very well for themselves.
Case in point, one of my mates at uni has recently landed a grad software engineer job at Facebook London, his package is ~£65k base salary + 0 - £10k bonus + ~£32k/year in stock grant. This guy spent his time going to hackathons, working on side projects as well as honing in his knowledge of traditional CS concepts like data structures and algorithms in order to pass his interviews.
Most 'normal' grad employers still pay very well (think £25k+) for software engineers coming in with the right attitude, skillset and ability. The industry, and job sector is one of the fastest growing out of any others out there.
So no, the degree is a perfectly respectable one with solid prospects for those whom put in the effort to develop their skills outside of uni. The problem is too many people don't, ultimately getting turned down from positions that need to get filled.
[1] Evidence:
Posted from TSR Mobile