It really depends on what sort of work you are planning to do. But for the most part large corporations and game studios in general will favor someone with a college degree over someone without one for one main reason: Getting the degree shows that you can commit to a long-term project and see it through. Getting a college degree requires commitment, time-management skills, communication skills, and many other "soft" skills. Some positions will require specific degrees, but remember, up until very recently there were no game development degrees. Everyone who entered the game industry had a degree in something else.