The Value of A Diploma/ Degree

Hello,

I am studying Computer Science, but I find the program to be an unfortunate waste of time. The curriculum leaves a lot to be desired and actual learning is close to null. I am jumping through hoops and stressing myself out financially and psychologically doing this.
I enjoy learning about I.T (ON MY OWN), and have a few basic certifications (like CompTIA Net+ and some Microsoft). I am currently studying for my CCNA on the side while in school full-time.

I am curious about different opinions in regards to the value of an I.T. related diploma/ degree in this field. I understand it is an ambiguous question. But I'd appreciate any opinions from people in the industry:

Do candidates with a diploma/ degree always receive precedence in the hiring process? Could I potentially land an entry level position after obtaining a CCNA?
Is this certification becoming saturated with so many people having it now?

Are my opportunities for advancement far lower without a formal education -- am I potentially closing too many doors?
Is there anyone else who went through or is going through a similar mind-loop -- questioning the efficacy of a post secondary education in the field?

Personally I am tired of wasting my time and money while killing my soul learning nothing relevant. I'd far rather bet on myself and pursue a real education on my own; however, I don't want to shoot myself in the foot if there is a real value to a formal education on a resume in the world of Networking.

Thanks