The question can be interpreted two ways, so I will answer both.
While, IMO, having a literary education is essential, I don't think having a university degree is particularly useful to a novelist, unless of course you supplement your income from writing by teaching writing, as many do--in which case, the university you teach at would definitely like to see not just a bachelor's degree but a graduate-level degree. It would, indeed, be very useful, particularly for a novelist with only one or two works. Sort of shows a seriousness of purpose, as well as a vote of confidence in the university as practice.
However, in order to publish a novel, you do not need a university degree. Do you need a university education? No, not really. Many great writers were avid readers but did not have degrees--including F. Scott Fitzgerald and Virginia Woolf. The 20th century is full of such examples.
But I'm still not sure whether you're asking whether you need a degree or whether you need an education.
I agree with pretty much everything said above.
I actually think it's quite pompous to assume that you have to have a degree to be a writer, or to be a good writer.
This is one of the things that always bugged me about some of the great fantasy writers like Tolkien, Robert Jordan, or even a moderately good one like David Eddings. It seems to me that they place
too much emphasis on education.
It's important to be well educated in literary structure and things of that nature, but the extent that they've gone, with creating their own languages and things of that nature are purely extraneous. They're kind of neat, but for the casual reader, they are really unnecessary.
David Eddings even went so far to say in his "Riven Codex" book (which is a bit of a "directors cut" version of his Mallorean and Belgarion series books) that he felt as though he was having to dumb down his books for his fantasy readers. He felt that writing in "high style" is far more acceptable for civilized company. Of course I'm paraphrasing here. I don't own a copy of the Riven Codex for reference and I'm trying my best to give the gist of it from memory.
I guess some people would consider these things the differences between a good and great author, but for me it's all about two things.
Is the plot well thought out and presented?
Is the story well written, so that I can see, hear, touch, taste, and smell what's going on in the character's interactions?
For me, that's what a good book is about.
Mathius