If I'm to choose between degrees and running a business? I will definitely choose business over degree. Because I have seen a lot of graduates struggling to get a job, and some even end up abandoning their certificate to learn skills after all the money and years they spent in school.
Definitely not a bad choice due to the situation of the country we find ourselves but one thing you need to know is that people still start up business and fail. They start from zero again because they lack the skills to manage their business, so it takes a lot to start and run a business. Most people just think that when they have a business, they are settled and have nothing to worry about.
Whether it's a good choice or not depend on the situation. If you don't have the knowledge, experience, a good idea, or enough capital, choosing to start a business can't really be considered a wise choice.
As you said, many people have failed when starting a business. Running a business isn't easy, and just because you start one doesn't mean you'll start making money.
So, choosing between starting a business or pursuing a degree depend on each individual's circumstances, goals, and abilities. Don't make your choice based only on other people's success or failure stories.