Yes and no, it really depends on where and what field in Information Technology. Every company is different.
Information Technology is really broad field that can be broken into 2 categories. Development and Operations. Majority of IT is in operations side.
On the Operations side, from my experience, is the degree is only important on the initial screening and the HR interviews. It's just to check a box. When you get to the Technical Interviews they really don't care about the degree and only care about the experience and if you can actually do the job.
A lot of people I've worked with don't have any degrees. For the entry level you just need show you can do the job or if your never in the right place or time, like me, then an associates degree is recommended. Most of these guys though are stuck at where they are now and if they leave the company they will have harder time getting hired at the level they are currently at because some HR departments require these degrees or certs.
Like @retrofade said above is that to advance especially to the senior level or management a lot of companies HR require a combination of degree, certifications, and experience. I've seen people who were with the company for over 10+ years got passed up because they didn't have degree and it went to someone outside the company with a MBA in IT with no technical experience.
Most of the degrees from 4 year brick and mortar universities usually focus on the theory aspect. Which is great for the development side of IT like the software engineers. But the issue with them is it really hard to teach troubleshooting in school which 95% if the job with operations. Big reason why I liked WGU is their degree focus on the operations side with Certifications in Cisco and others.
Certifications is great but you need to have the right ones. There is a lot of Certifications that is only internally company specific and useless else where. Also there is a lot of people who cheat and study brain / test dumps to pass their certification test. But most of these people get exposed in the technical interview.