No, it's no longer much important. We have moved away from an input-driven system (where credentials used to be important) to an output-driven system (where skills are measured by outcomes achieved measured through data).
Additionally, why formal education is failing is because it's unable to keep pace with how fast the market scenario is evolving.
It doesn't matter as much, but the problem is that most people don't motivate themselves to self study. Yes you CAN learn certain things online, but how do you know if you've learned all that's necessary for a topic? Also I wouldn't trade my educational experience for anything. I loved my college experience and the people I met there.
There are lot of ways to learn today and we are not dependent on going for formal education.
However, you won't get the formal certificate when you study on your own. So the truth is you might know much more than one who has got formal certificate of education but when you go for job, you won't qualify. You can, however, be a job creator and not job seeker. You will do amazingly good then.
Nope, these days everyone is almost a self-learner or follows online educational vids.
Today in this Age Information is available everywhere and there is no need to Go to College to get educated.
But as every company ask for a Degree to give a job people attend college.