The diploma bid, I guess you can say yes, since there are many who get off cheating. But those who sit and study for countless hours (like yours truly), find many benefits in the things they have learned. I still have my variable power supply project that I created 8 years ago, (and that was during my first year university), and till today, I still find many uses for it. I was taught how to literally make of out of scratch, like drawing the PCBs, calculating the developer and etching solution concentrations, to welding and understanding the function of all the components I've used... well, to a certain extent of course. Other things, you learn on your own.