Kudos to prof2dad (above).
I would add to the discussion in this thread that there are both “diploma effects” and “education or skills effects” on career opportunities. Sometimes one needs a diploma, perhaps with a major in a particular field, to qualify for a posted job. No such diploma==>ineligible. Sometimes one needs to have a proper education or skill set to qualify for a job or to advance in that job or career. That education and skill set may well include learning outside of school, including self-teaching, learning-on-the-job, or other relevant skills and experience (e.g., foreign language, international travel).
I know that when my son graduated from college with a degree in economics and interviewed at a major consulting firm his multi-hour interview included questions about his hobbies and broader interests as well as his EC’s in HIGH SCHOOL. Q. “What does being a high school debater do for you or for us?” A. “In debate we read an enormous amount of material from books, professional journals, news reports and other sources. I can read a complex academic research paper and write a summary of it in 30 minutes. And it will be very accurate.”
A person who is intellectually curious, has important technical, speaking, and writing skills, and is a hard worker has a leg up over people who just have good grades and completed the required courses.