How much? Very little. Any vaguely formal hiring system will weed out non-graduates faster than you can say "Elon". Without a degree, you'll have to live and die by your network and your hustle, which may or may not work well for any given person.

The cynic in me thinks the current "you don't need a degree" wave is a fashion to get more people working for ramen. After all, VCs work in aggregate: throw enough sleep-deprived ramen-eating younglings at the keyboard, and one of them will eventually give you a unicorn. The more you can chain to that way of life in the long term (because they can't fall back to traditional careers without that magic piece of paper), the better.

I say this as a dropout who learnt these lessons the hard way.