Yes, it is.
If you are planning on being a doctor, lawyer, scientist, or a teacher, for example, a degree is normally a requirement.
Degree holders also earn more over their lifetimes and have higher job positions (on average). But while degrees do incur debt, you can think of it as an investment that will pay off in future. And though of course experience is a key thing to have in the job market, a degree is always an asset and can open you up to more career paths.
Does this mean everyone should get a degree? No. There are many fulfilling professions that do not ask for degrees and can be entered on leaving school without incurring any sort of debt. Many people have become successful without degrees, and while this is not the rule, it is possible and not uncommon. It all depends on what you want to do in life; what you want your profession to be, if you want to explore a subject you are passionate about further, and if you are prepared to pay off any debts incurred for the privilege.
Lastly, if unemployment due to a poor job market is a concern, emigration is an option you could consider, especially if a certain profession is in demand elsewhere.