It's difficult to say. University is generally a viable option and for some people, depending on circumstances, their personality and what they want to do, it's the best or only option. The problem is that too many students just coast through and there is not normally enough hands on teaching to keep them disciplined.
Equally with so many going to university you need more than a degree to stand out. I have mixed feelings myself. I think there are just a lot of institutional challenges in higher education these days and government policy has had some unintended consequences. I can't say I have a high opinion of university myself but in retrospect I think it was the best option for me at the time and I can see it from the universities point of view as well..
Really, there isn't enough time for me to work, study and party, I mean doing just work. I mean work is essential for me, otherwise I'd be overdrawn, and wouldn't be able to actually afford to physically go to university.
Before now, I've not slept for 36~40 hours straight between the two, but that was an exception, that's hardly a regular thing, I had a huge assignment and I had a lot of work to get through. I went about my day as normal one day, then went to uni the following day, after having done work and coursework, then went to bed like some time after uni.
That was the worst thing I've ever done to myself.... It paid off though, I was like 2% away from a 1:1 and I earned enough to keep myself comfortable for a little while.