As an employer for several decades in Europe, with experience as a new grad, interviewee, interviewer and some experience as an employer in the US, this is a very nuanced and fluid subject, particularly for the US.

People with degrees (like me) will have a prejudice towards other people with degrees. In professional areas (like engineering where I work) there are also real advantages to the formal training one gets in school. This becomes less relevant the farther from an entry level position you move.

Degreed people want to recoup the money /time spent getting a degree, and have an incentive possibly subconscious to keep a barrier to entry.

University costs have skyrocketed in the last few decades in the US, meaning people currently in mid-upper management had a VERY different early employment situation than the people they are interviewing today.

Information technology has also made an order of magnitude change in the last couple of decades. Technical experience in many fields from the 90s may have little relevance to the same job today.

I could go on, but my point is the same: there is no simple response to your question.