I didn't do a whole degree but I took the DJ Extensive and Mixing & Mastering courses at Dubspot here in NYC. I actually used my severance from being laid off during the financial crisis to pay for it.
Both courses were dope. The mixing & mastering course was especially helpful because some of the concepts like compression are hard to grasp and it's helpful to get instruction from a professional. At the end of the course we got to visit Stirling Sound, a professional mastering house, that was awesome.
I think some of the intangibles that you get from enrolling in a program are the focus, the community and the personal interactions. You meet a lot of people who are really dedicated to music and you end up hanging out with them and exposing yourself to a lot of music and experiences you might not otherwise get to. The professors are great too, because they have a wealth of knowledge and experience.
It didn't lead to a job for me, but my I've grown a lot as a producer / DJ. I figured I'd be able to get some paying gigs though, but that is a lot harder than I thought.
I think Rusko has a degree in musical performance / production or something and I'm sure a lot of other producers do too, but it's clearly not mandatory to be successful.