These days, I am not convinced that getting a degree is worth it, at least not via a traditional path. It probably is? But it's also really worth looking at the alternatives.
If you can get a degree without financial hardship, especially if you're able to get into a well respected engineering school, then it seems like a really reasonable choice.
There is a big balance to strike between the general skills that are useful for engineering -- especially hardware, where advanced math and physics knowledge tends to be more practically required -- and the skills that actually make you 'hireable'.
These days there are many other ways to build and demonstrate the key skills of engineering without a degree. You can self-teach (often using free materials and lecture videos from top tier schools, learning platforms like udemy or code academy, or even youtube.) The hardest parts about that are staying motivated, how to get help when something's not making sense, and how to demonstrate your skills without the degree to show for it. Or, you can start off at a code school or bootcamp, an entry level job and start building up experience (and getting paid instead of student loan debt!)
One possible risk with getting a college degree is that, depending on the school you pick, you may be developing skills that are years (or even decades) behind where the industry is.
As a technical manager, one of the best employees I ever had was fully self taught. He joined the company in a non-technical role, and after speaking to some developers, realized it was what he wanted to do. He worked a full day, then hung out at the office for several more hours working on building his skills. Within 6 months he applied for, and got, an entry level developer role. 2 years later, he'd become one of the most productive developers in the company, and moved on to an exciting new job. Within a few years after that he was giving talks at worldwide technology conferences. While working and then his additional studying was a lot of hours, when I compare it to my own college experience, he was still getting more sleep than I was, and he was getting paid to do it!
However, if the roles you're seeing have a bachelor's degree as a hard requirement, that's hard to work around, and might be worth the effort. Hopefully companies will become more and more aware over time that there are many other ways for people to learn the skills they need to be excellent contributors!