- Formal education is great for foundational concepts (math, hardware, operating systems, compilers, graphics, etc.). Self-taught approaches tend to be goal oriented (I'm learning X because I want to do Y), which can overlook fundamentals that are important. When you don't know what you don't know, having someone to efficiently guide you can save a ton of time, and for some topics, that mentor is a great textbook or teacher.
- Most engineers I know would consider themselves a mixture of formal and informal/self-taught. Again, if you have passion for engineering then you probably like to learn and build, which means you're complementing any formal training with your own tinkering.
I've met and worked closely with amazing engineers and have never found their education style a distinguishing factor. Their passion however, was obvious.
Also, the examples given in the post (Linus, Margaret) were incredibly academic :-)