I side with the group that says “it depends”.
Ultimately, I would never, ever recommend NOT getting a degree (any degree will do really) as it is getting increasingly difficult to get a “real” job without one and you never know when a global pandemic (or other catastrophe) will come along and force you to look for a “real” job.
On to the WS stuff. There are TONS of arrangements that fall under “working student”. The one I associate most with the term is where you live on farm and do nothing but care for the horses (your duties). Typically, these arrangements start off with promises of X number of lessons per week and you grain, water, hay, and clean stalls along with other tasks (clean tack, maybe groom and tack up / un tack, sweep, etc). In my experience, the lessons either never happen because you are too overworked and the trainer doesn’t prioritize you since you aren’t paying, or are done MUCH less frequently (and often not as thoroughly as one would hope) than promised. My experiences didn’t teach me much I didn’t know as I had lengthy experience with self care boarding (meaning I knew about cleaning stalls, feeding, turnout, tack care, first aid, basic shoeing, etc) other than horse people can really suck. In all of my experiences, I was lucky to get a half or full day off once a week and barely had time to shower, eat, do laundry, take care of myself. I also never had time to sit in on client lessons or watch the trainers ride so no learning opportunities there. My experiences may not be the norm but 3 tries with the same outcome is good enough for me.
The other type of WS arrangement is more of a part time situation. Maybe you feed AM feedings 3x a week in exchange for 1-2 lessons (or training rides or whatever). I’ve done this and would say it’s definitely worth it. I was able to still work full time / go to school part time and advance my riding skills. I’m going to try to find another situation like this after this arctic blast breaks (though I keep my horses at home, so a bit different now).
I agree with whoever mentioned that it depends on what you want to do with horses - do you want to manage? Show? Train horses? Train people?
I know I don’t have any interest in training people, declining interest in training other peoples horses, and declining interest in showing due to a shift in interests as I get older (I wanted to do all of these less than 5 years ago). Now I’m more interested in being able to retire early with assured financial stability and paying off debt earlier.
Definitely take a while to think about it and don’t be surprised if you change your mind or don’t like something as much as you thought, it happens! And if you take on a live in WS program, get everything in writing!