it is very important to constantly learn and improve your skills...but the degree itself doesn't always speak about the level of knowledge and skills...another important factor is where you got this degree
Yes, if it is relevant to your area of specialization and field. The purpose of that degree is to upgrade your learning during your college life. Having said that, it's a good tool to compete in today's era. It increases our salary and promotion. But I agree on what you said, sometimes long experienced to different kinds of work can be more important than holding that masters degree because some company look on the potential and skills of an individual to fit in their work more than their educational attainment.