Question to ppl who got diploma in college

Im asking cus I've seen some videos saying diploma is now useless when you're getting rejected left and right.... Or forced to start a idk low position job, i think there was a lady who had an engineering degree or sum but she was turned into a receptionist. Like these old ppl used to tell me that "with diploma you can immediately start at (insert some rich company)!" which i dont think... Cause i just saw someone apply to 1k jobs only to get interviews from 3 or so. Less than 10. Is the job market that bad rn for high paying job?? Asking cus I've only been part time