I'd say yes, it does. 

Although more and more people these days have a college diploma, the actual value (usefulness) of the diploma didn't decrease, but instead the amount of competition on the same playing field have increased. This of course means that you can't rely solely on a diploma to get the job like before, but now you should also have other skills that set you apart (often personality based or experience). 

Thus, if you do not have the diploma, you would most likely not even be considered. The bar has been raised and companies these days get to pick individuals with the skill set they require and more.