I don't think that going to college is necessary or detrimental. It's probably good that people from 18 to 21 stay somewhere safe and learn something out of their parent's home.
That said, there is very little that a CS course can teach you that is both practically useful on the job and you can't easily learn from yourself. That's because a large part of coding is not about knowing the most advanced and obscure data structures or algorithms.
Which brings me to the point. Neither of those options teaches you how do develop a product feature. That's what people still learn on the job today, and it's why knowing how to code is merely necessary but certainly not sufficient to be a good developer.