If you’re talking purely financial benefit: yes, it is still good advice, as most white collar jobs still require a degree.
If you’re talking about a place to mature, around others who are at a similar phase of life, also yes.
It is where most people meet their cofounders, for example, even if they don’t found anything until much later.
But it is not true financially, it really depends.
Plenty of blue collar workers make more than white collar ones, and have a huge debt free head start in life.
A plumber or electrician will make significantly more than the average bank employee or translator or nurse or teacher.
And they will also have an easier time starting a business as many trade workers are self employed and make much more than hired ones.