Speaking for employers here… it’s likely you won’t get consensus even among the companies which hire LOTS of engineers.
Some companies like to hire right out of college- then have a bunch of different programs to help strong employees go back for a Master’s (often with a very specific focus which is somewhat different from what they studied as an undergrad). Some companies will tap a talented engineer for an accelerated management program and encourage (and pay for) an MBA vs. an engineering Masters. Some companies have a large pay differential for an MS vs. a BS and other’s do not; most public sector jobs have built in pay scales which largely favor an advanced degree. So many of the agencies (federal and state) which hire lots of engineers have cultures which promote a Master’s degree- sometimes because advanced study is required, and sometimes just because you earn more doing the same job and/or will accelerate faster.
My advice? Age 17 is WAY too early to be trying to read the tea leaves that far ahead!
Your son should find a school which meets his other criteria and which you guys can afford. So much will have changed in 4-5 years anyway, trying to predict all of this is just noise IMHO.
There are some relatively new programs for engineers which focus on innovation, design thinking, etc. some of which are Master’s programs, some of which are just certificates. Some are highly regarded… they really focus in a laser-sharp way on getting engineers upskilled in entrepreneurial thinking and practice, whether working for a Fortune 100 company or a startup.
So I wouldn’t be assuming that a traditional one year engineering Masters (which is offered in lots of places) is where your son wants to end up. And if he’s good at his job, his employer will almost certainly pay for or heavily subsidize one of these innovation programs. They pay out really quickly!