My D’s company has tuition reimbursement as well. Yes it takes longer but it’s free, and employees still earn their paychecks.
My D was offered an engineering leadership development position (the fast track to management that @Blossom was referring to). Her starting salary is higher than what her university reports for MS holders. For her industry, it was all about co-ops and internship experience in undergrad.
I also agree that it’s too early to predict what your son’s path will be beyond college. Find the school that is the right fit for right now.
I think you are spot on when you say to wait for acceptances and then re-assess.
(FWIW, when my chem E was in HS, she thought she would go into either pharmaceuticals or food/ag R&D and pursue a PhD. After getting more into the bones of her major and working (including in R&D), she totally shifted gears and now has a concentration in polymers and materials, a bunch of leadership/CQI certifications, and wants to do an MBA down the road. Very very hard to predict a path before getting involved in courses on a college level and working).