I’ve often suggested a binary approach - learn to fly at a club AND get a degree or trade in your second favourite occupation. When (not if) there is a downturn in aviation, or you lose your medical, and all you have is a diploma in aviation and a CPL, Life is gonna be rough. There is always jobs for IT guys, electricians, etc. if there are no jobs for pilots, there is likely NO demand for “Aviation Management degrees”.
My understanding is that the Airlines look for a 4 year degree mainly because it shows commitment, ability to learn, ability to understand non-trivial concepts, and the ability to power through stuff that is just boring or not applicable. These are skills that are needed in aviation. Most companies actually had little or no preference for aviation or the hard sciences.
The need/advantage of a structured environment will depend on your own self-discipline, and the ability/availability of the local club to work with you. Each club and instructor is going to be different, but Flexibility is not typically found at colleges. If you want to work weekdays, fly over holidays, or just simply hammer out the licences in the minimum calendar time, the club approach is much more likely to suit you.