With software engineering being such an enormously diverse field nowadays, this is a really complicated question. As a recent graduate in his first job, I have to say, having a degree helps a lot if you want to get into the corporate world. I'm talking Microsoft, Google, Amazon, Uber, Tesla, basically all the companies you hear about in the news a lot, they all have so many applicants that a degree is almost required.
As for a Computer Science degree specifically:
That said, you seem to fall solidly into the second bullet point, having been in industry for 5 years already.
There are also those companies that don't care so much. I had a startup tell me to go take a coding challenge. I also did independent contracts with some buddies who already knew what I could do and how well. In these cases, they're always going to try to get a feel for what you can do in a different way. Your industry experience certainly helps in this regard.
That's my two cents.
Thanks for the response, I definitely agree with all of your points. Its always good to specialise, whilst still having broad knowledge (T shaped devs :) )
From what I see, its is not an absolute must to have a degree. However there are some doors that just wont open, unless you do have one.
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