I have no degree. I would say your age and the circumstances determine whether it's a good risk.
I was 19. The place I lucked into had people in their mid-20s who not only could teach me, but they had their own ambitions to work at larger papers, and they moved up at approximately the right time for me to replace them. So by the time I would have graduated from college, I'd covered a preps beat, a minor pro beat, a major pro beat and then been a copy desk chief. Then, two years at a mid-major and on to a major metro at 24. Equal parts hard work and luck.
It was really a very small window when I had an advantage over most people my age. By the time you are 27 or so, other people now have had five or six years of pro experience and caught up to you.
Three decades later, the lack of a degree has not been a factor in newspapering. I do sort of wish I had one now, though, when I look at other careers.
I'd do it if you think you can learn from the people there and can move up quickly. Their ambition is as important as yours, because if they aren't better than you are and they aren't going to move up, you aren't going to get enough opportunity to make it worthwhile. The window closes quickly -- you want a short but productive apprenticeship.