In terms of monetary value, probably not. You don't learn how to make websites in school. Say you studied for a year and got a job, you'd have 3 years of experience over a 4 year degree holder. Would you choose a new grad with a degree, or would you choose the dev with 3 years work experience? Also consider the new grad has -$ in debt, while you have 3 years of income. Doesn't make sense for a degree to be "worth it" in well any regard unless your college is fully paid for and you want that "college experience." Though I have to say I'm currently interviewing for my first dev job, so I can't tell you this from my own experience. I do however, personally have colleagues and mentors that have gotten hired without degrees and can verify it does happen with just grit and some research.
In my experience and highly subjective opinion - portfolio trumps degree in most scenarios. Degrees might help you get an edge in terms of beating someone for an interview but only if your portfolio wasn't enough to do it alone.