Working with other commercial/advertising professionals (most of whom will have art or business degrees) tends to make a degree important in those circumstances. I don't believe it would have to be in photography specifically, but if not photography in specific, then either in art in general or in business. But in that environment, having gone to a good photography school is often the first step to being networked into the business.
For a person who intends to run his own retail-level photography business, a degree in photography can be a waste of time and money. Even a degree in "business administration" can be a waste of time and money for a small businessman.
Most (not all, but most) "business administration" and marketing bachelor's degrees from universities are intended to create "corporate cogs," not small businesspeople, unless you find one specifically geared for it. You can find such programs more readily at community colleges than major universities.
Those community college programs are also often taught by small businesspeople in those same communities--getting to know them gets you networked--in this case, going to the local community college serves a similar purpose to the big-city commercial photographer going to a major photography school. As a small businessperson, what you have to know to run a retail photography business is the same as what your barber has to know. Small business marketing is a very different animal from corporate marketing.
Outside of product and archetectural photography (which can be extremely technical) and some other technical fields, it's a lot more important to learn about art in general than photographic technology in particular. Technology changes every year--the basic principles of form and color and how homo sapiens reacts to them have existed for thousands of years.