Ps do equal degrees and thats all you need but I know HDs may also get you a better job.
That aint it though. You really need to be good at and really like your chosen field.
For example I work in engineering and I know people with masters and pHDs who are unemployable and people with Ps who make very good engineers.
I dont speak for all fields of professionals obviously but for mine, I've seen academics (as I call them) who did well at uni but are useless in the workplace. If its not in a book and they cant look it up they have no idea, no ability to think for them selves or no ability to work things out including thinking outside the box, mainly because everything they learned came form within the box.
No ability to deal with the tradies because all they can do is read drawings. Like architects who design buildings that cannot be built because they dont understand the trade part of their chosen field.
I generally find that engineers who really enjoy their chosen profession will go the extra yard to ensure their designs are practical where as the academics think that each design is an extension of their self expression or penis size and its the tradies job to worry about putting it all together.