University degrees are about time, money, political connections, pedigree, government meddling (vote buying -- think medical schools here). But not "balance". Education has nothing to do with intelligence, creativity, wisdom (that is, applying knowledge in a benefical way to all, not just yourself), insight, integrity, morality, selflessness -- the things that truly give balance.
My experience is that companies that require applicants to have a university degree are usually looking for someone else to say you are qualified (i.e., your university). It helps the front-line tard 'screeners' weed out applicants without actually having any knowledge in the area for which they are interviewing candidates. It saves the later-round interrogators from having to do any genuine 'searching out' of a person.
Not everyone can get into good schools, but it helps if mom & dad are loaded, have funded building a new wing recently, and can provide you with ton of free time, car, expenses, etc.).
I, for one, am convinced you can't teach anyone anything. They must learn it on their own. Who helps them is practically irrelevant in my experience.
Regarding Google, it sounds like they are more interested in finding zealots and disciples than in decent employees. More than three interveiws to assess a candidate's nature and knowledge is just plain silly. And, with the number of people that they are screening, they have no doubt codifed this process into some inhumane system designed to maximize throughput. Not exactly a recipe for finding talented people. I'm sure if you were really really talented they'd be calling you.
Paraphrasing GB Shaw, the only time my education was interrupted was when I was in school.