I don't think a degree is all that different now than it was in 1998. You still need one for certain professions. I can speak of my own field better than others but large companies in particular are always looking for cheaper new grads. Yes, you then have to advance your skills and perform or you will be replaced by those same cheaper new grads a few years later who can do the same thing and cost less. The world has always been this way (in the U.S. anyway). As far as costs, as I mentioned elsewhere, a four year state college degree can be had for as little as $17,000 (in Florida...I'm sure costs vary state to state). Not cheap (a little more than double what my degree cost in 1998) but it's also not going to saddle you with a lifetime of debt. In my observation, a college degree is worth more than certifications in the long run. Certifications are more helpful if you have a degree in some related field.
In a market economy (which we have some semblance of), the labor market is subject to supply and demand like everything else. If there is an overabundance of people with certain qualifications then the cost of that labor will go down. This is nothing new.
Many career choice offer alternate paths. However, just to use nursing as an example, you will be in higher demand and have more job opportunities if you get a nursing degree and become an RN than if you take other paths though it may be beneficial to start along another path (e.g. get certified in phlebotomy and become a phlebotomist (costs about $1000 where I am) then work on your RN degree).
I don't think 6 months without finding a job is really going to impact your job prospects though it might be better to say "I wanted to take a little time off before starting a new career" than "I couldn't find a job" to a prospective employer. If it's been several years that might be another story. I was lucky and had a job offer before graduating but that was during the dot-com bubble. Luck will always play some part. How the economy is when you graduate and that sort of thing.
In my case, with 20 years of experience, another degree (unless maybe I'm trying to completely change career fields or getting a PHD for a specific purpose) is probably not useful. Though further certification might be. The trick is identifying where the demand is now and where it will be in a few years. Computer forensics? Cybersecurity? Something else? Nursing and medicine in general are probably pretty safe long term bets but if that's not something that interests you then it isn't helpful. Liking your job is very important, at least in the long run.
It probably isn't a good idea to get a six year degree right out of the gate. I never even considered that. With some exceptions (medicine, law), a four year degree will get you what you need to find a job (depending on how wisely you chose of course). Then you can pursue that masters degree or perhaps certification, preferably with your employer paying for it but if not, then you at least have an income.
Ok, this is sort of a rambling response but my original point is only that, depending on your career choice, regardless of the immediate state of the economy, a degree is going to be very helpful or an absolute necessity to get a job when you have little or no experience.