A better question IMO is: Is college more useful than the alternatives?
College is a huge investment: tens of thousands of dollars, plus 4 years of full-time work.
When I went to college in 2007 (not in US, but I digress…) it made sense to go in for a 4-year degree because there were no alternatives. Coursera, Udemy, etc. did not exist. YouTube was just born. And to start with, we didn’t even have broadband in my house or school, that could stream video.
It’s a very different world today. The opportunity cost is too great. Even without being a Thiel fellow, there are many alternatives to what you can do with 4 years of your life that will set you up for success – not only educational opportunities but also starting a business, freelancing, etc.