Most of the value of a CS degree is being able to say that you have a degree truthfully. If you don't have a degree then you just lie and say that you do, which is a moral papercut. Nobody really cares about your education though, they just want their world view to be maintained.
All of my professional jobs have been contingent on background checks and validating (to some degree) the things I put in the record. If I say I have a degree, they call to verify. They called to verify work history, although not being able to reach previous employers wasn't a deal breaker. I don't think just claim you have a degree when you don't works.
If you have a degree from a 'good school', that gets you some credibility by itself, but mostly a 4 year degree says 'this person can commit to doing difficult things without an immediate payoff for around 4 years' which is a valuable thing for employers.