It's complicated.
IME if I had to guess how well someone would work out and was told only the degree, I would answer:
physics/math degree > EE/ME degree > CS degree > humanities degree.
This is because in my experience, CS degrees are incredibly popular and a lot of people get them even though they may not be particularly good at programming or even enjoy it. 20 years ago, I'd put the CS degree higher up, but today Universities have lowered standards significantly and are minting lots of CS graduates with dollar signs in their eyes.
But that's not how it works because those with only a college degree are (for the most part) not competing for the same set of jobs as those with work experience. They are competing for internships, and when it comes to internships, you are going to hire someone with a CS degree over someone with an EE degree. Therefore you are right, when it comes to internships.
When someone has only a degree and no work experience, that's a risky proposition -- those candidates should be routed to internships so both sides can get to know each other without a long term commitment. In all the companies I've ever worked with, we've never hired straight from college without it being an internship. More likely than not, an internship will result in a job offer if it goes well, and IME most do go well. That means that in practice, it's much easier for college graduates to enter the labor market. But they enter via internships that are converted to offers and generate work experience. Then the work experience is all that counts and the degree becomes a checkbox.
In other words, your college degree is important, but it's important to open the door to your first real job by getting you an internship. After that, it very rapidly decays in importance. This is because the work experience is so much more informative and relevant than the education. I've never looked at anyone's grades or honors, and it's not uncommon to have a lot of employees without a college degree if they have proven their skills in other ways. This disregard for grades or degree and focus on actual skills is what makes things like dev bootcamps work (for good or ill).