For me, degrees and certifications are simply starting points. One aspect that I do like is that they tend to help a persons skill and knowledge be more uniform. Keep in mind though that unless one stays current, formal training tends to ossify a persons skill and once there they can be very resistant to new developments. I do feel that people with degrees are generally more confidant in their abilities. They also may be more likely to be in it for the long haul.
People with certifications have a known targeted knowledge amongst all their undocumented skills. I especially value factory certs. There someone has a fair degree of knowledge about the capabilities, limitations and troubleshooting of a product. There is a risk though that they tend to view all other products through their training and may improperly devalue that which they don't have training in.
People without either tend to know what they know but may have gaps in their knowledge and may not always be aware of what they don't know. Without certs or degrees one has a harder time finding decent work and they are usually under paid, not because they are poorly skilled but rather because there is no real baseline they and their employers can use to establish their likely value to an organization or project.
On the other hand, I find people who have no certs and degrees tend to be more flexible and willing to grow inside and outside of their discipline his helps off set the spotty nature of their skill sets. Self trained or OJT personnel seem better at finding answers on their own.
All this having been said, everyone is different. I would never recommend hiring off of a resume. Experience and documentation can be inflated. Hire the PERSON. They can be incredibly hard to predict so focus on intangibles. Character, energy, self honesty are huge with me.
Do I recommend certs and degrees? Sure if you can get them, do it. Never turn down training. Be humble (we learn more when we don't know it all). Be willing ask questions, even if you think you should know the answer. Then stay open and be willing to let go of any training that becomes obsolete or no longer benefits you or your customer.
Fair Winds