That's right, the one with the Ferrari. But that is a game you, the worker, don't want to start playing. You will lose in the end.
But either way, the takeaway is clear: If you are the worker, you don't want to get caught playing that game. You will lose in the end.
To be fair, a Ferrari will normally retain its value, assuming you don't damage it. A degree on the other hand, even with the utmost extreme care, becomes worthless the day you drive it off the lot. Guaranteed. In fact, it is likely less than worthless as you will no doubt have to pay someone to dispose of the piece of paper for you.
So, yes, you make a good point. The employer is, all else equal, most definitely not selecting the degree holder if hiring is done based on financial resolve. Imagine dumping all those resources into a degree that has no resale value – literally worthless – only to apply to a job that identical people without degrees are also applying to. Not a display of financial literacy, that is for sure.
You, the employer, are just performing a coin flip to choose, albeit using a medium that is not an actual coin. Using up precious resources to weight the coin in your favour as the worker might find short-term gain, but you will lose in the end. The data around this is abundantly clear.
Those who actually succeed long-term find a way to leverage their resources to ensure that they are not identical to the other guy – but to become one who is better. Distracting yourself by the coin flip is a recipe for failure, as we see time and time again.