Judging by how low the vaccination rate is for rich and developed Switzerland in comparison to poorer countries like Spain or Portugal, I stopped assuming that most of the population there is "highly educated" as you put it. No offense to the Swiss.
Maybe some Swiss can clarify why their population is so anti-vax, as it boggles my mind.
My point is not to say that such a direct democratic system wouldn't be effective, I'm just saying that correlation != causation, as in the case of Switzerland, I attribute its success as a country more to it being a neutral banking heaven for the world elite for decades and being in a very fortunate geo-political location that was spared the destruction of war which helped it attract tons of foreign talent and capital, rather than to its direct democratic system and domestic educated population. I could also be wrong of course.