In the IT world?
You're right about experience, but wrong about degrees.
If you think a bachelors degree holds
more weight than a CCNA for a network engineer, you're kidding yourself
If you think a masters degree holds
more weight than a CCNP/CCIE for a network admin or architect, you're kidding yourself
I'm speaking purely about Cisco equipment since you brought up CCNA. If you're using F5s instead of Merakis, obviously that changes (syntax flow minor differences mainly)
EDIT: I dont want my post to come off the wrong way, since you said you are actually are the one who hires these people.
I just find it hard to believe but then again, that may just be a difference of personal experience.
If they are truly valuing a secondary and tertiary degrees over high level certs where you work then I guess it is what it is, who am I to judge. But I've known and worked with quite a few Senior admins and architects and I can honestly saw that not one of them has a masters and every single one of them was easily 6 figures