Does achieving a degree means that you have become a civilized and educated human being? I don't think so. Getting knowledge won't make you an educated person. The most common example of illiteracy by educated people is when there is littering iin educational institutes and illiterate people are hired to clean the mess. cramming your course books won't bring wisdom, it will only bring knowledge without enlightenment.
I agree with you that it won't but, you can't define all degree holders like that. Does your "bolded" statement pointed generally to all person who have degrees? That's a big NO. There are persons who do that and there is who doesn't. It all comes from the nature of a person if he/she will act as an educated. As for me, having a degree just add upon your knowledge on what you're specializing and that's it.