Is a performing arts degree going to help me make it as an actor?

Acting can be a lifelong pursuit, but with that being said it is important to realize that movies, and most plays don't run more then a few months, and those are the really good jobs. Most Broadway actors have masters degrees in theater, as do many movie actors.
The important thing about a degree is that when your contract is up, or the movie is done you have healthy, productive job you can fall back on, while auditioning for your next part. Acting is tough, no doubt about it, but you can make it easier on yourself by having productive alternatives while waiting for your big break.
Lin-Manuel Miranda is the writer, director and star of Hamilton, the biggest hit on Broadway in years, and he said he spent most of his twenties working as a substitute teacher in between acting gigs.
You can't substitute without a degree, and you can't learn how to write well without going to college.
Be an actor, but be smart. Take care of yourself, and don't make life harder then it needs to be. There will always be the one in a million shot that makes it on pure chance, but most professionals know that "luck" is only preparation and timing. Do you best!