In the majority of cases work experience is more valuable, I think my degree (2.1 in History from a decent uni) has been utterly useless tbh. I'm applying for the same type of jobs as one of my friends who's worked in retail since she was 17 and didn't go to uni.
To put this case in point, here's an example of two of my friends.
Person A: Academically gifted, got a first class degree with ease. Did nothing else with their time at uni, no work experience or EC's.
Person B: Didn't put the effort in and got a 2.2. Worked throughout their degree and got involved, has loads of work experience and EC's.
Guess which one got a £23k job within 6 weeks of graduation, and which one has been on the dole since July?