If everybody has a college degrees, then all jobs would indeed go to people with a college degree. But even then, it would still not say anything about the like

If everybody has a college degrees, then all jobs would indeed go to people with a college degree. But even then, it would still not say anything about the likelihood to get a job, even if you hold a college degree. "If you get a college degree, you will get a job" is and has always been a fallacy.