I've worked as an engineering manager for both professional engineers and non-degreed technicians / technologists. My observation (such as it is) is that the degreed engineers had a stronger framework to be able to connect ideas and learn new skills. On the other hand, technologists were able to do tasks just as well as engineers but had trouble generalizing the concepts.
Importantly, the degree (combined with professional guidance) also helps you appreciate the things you don't know. For example, a geotechnical engineer may be perfectly able to assess an abutment or design a blast but they wouldn't certify a dam foundation and would reach out for help in doing so.
It's probably worth sharing that I hated my undergraduate education with a burning passion. I've only recently begun to appreciate it more -- turns out those old farts who did the accreditation might have known a thing or two about what you need to know later in your career.