It still does help your job prospects quite a bit and you still make more on average.
That claim about college graduates earning more on average is based on old, stale data, much of which came from a time decades ago long before everyone went to college when college degrees had more value than they do today.
Today, when you measure the earnings value of a college education you need to account for the expenses of four years worth of living costs, much higher tuition costs, student loan interest, and opportunity cost.
The other problem with that old study is that it assumes causation. What if the reason college graduates earn more is not because they are college graduates, but because the types of people who go to college possess virtues of character that would lead to them earning more? They tend to be more responsible, more ambitions, have higher IQs, etc. Is it possible that those character traits and not the college education is the real driving force behind the higher earnings for many people?
Sadly, a great many college graduates will NOT obtain a return-on-their-investment or at least one that isn't worth the amount of money gambled. It's even been reported that 85% of all college graduates today are moving back in with their parents. They're not doing that because they found quality career jobs in their fields.
Also, it's very possible that attaining a college degree could make you
less employable than you were before in many fields. You could end up overqualified and unemployable for a great many jobs, especially when it comes to advanced and professional degrees. Stories abound about people having to dumb down their resumes to omit college degrees and some previous work experiences in order to get a job.