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With an MBA and 5$ + tip you can buy a cup of coffee at Starbucks. I have one from a highly regarded school, can't say I learned much you couldn't pick up on youtube + a couple decent books. I am glad the company footed the bill on that degree though I enjoyed the journey.

Post graduate engineering degrees do have and do add value in many cases at least in the aggregate sense. I have hired and directly supervised dozens (maybe triple digits) of engineers from a wide variety of programs and levels from BS to Post graduate PHD types.

For a fundamentals heavy position I'll go with MS engineer 9 times out of 10 if possible. There are always exceptions of course. I think it is very difficult for Phd to venture outside their field of specialty, sorta get type cast by your education. I think there is likely a postitive NPV for time spent on MS but probably not for Phd, at least in the non tech sector. My graduate advisor used to always say her students make more than her in their first year out. Of course she got summers off and worked bankers hours.

Of course these are all generalities, tons of people who never finished high school who have next level fundamental understanding, and plenty of Phds that are really pragmatists at heart.