CONCLUSION
School gives certificate but doesn't guarantee a job. Education never fails, it's gives knowledge and skills. This knowledge and skills acquired through it brings breakthrough on the long run. Therefore, graduate should think beyond getting a job after schooling but plan on how to utilize the knowledge and skills acquired through their education to create jobs for themselves and others.
The actual function of education is exactly what you conclude, knowledge and skills will be shaped by formal education which we often call school, while employment is largely determined by a person's skills in making choices and being able to take advantage of existing opportunities.
It also seems like it's still fifty-fifty because for now, except for part-time work for office work and so on, it's clear that education is the main factor, not education, but education certificates.
I don't know what other areas are like, but I've worked for several companies and the first thing asked was a certificate of education and that is one of our supports to determine our strata.
Regardless of how skills are possessed, without any correlation with people who have strengths and education certificates are not owned, things will not go well.