I can't speak for PhD, but BSc in computer science has changed my mind and altered my perception of the world in ways that I can't express but deeply feel, in the best possible way.
I have a hard time saying that in a way that does not make vocational schools worth less. I appreciate people having done theoretical things, spending time are university is well spent time.
There are mechanics who did not do any theoretical work at all that later in life really need some university. My point is that some people really should go back to university because their work gets better after.
Doing a PhD later in life is a cool thing to do too.