US Universities vastly outstrip those of other countries in almost every way. One way you can tell this is by the number of foreign students who come here, especially for specialized educations like engineering, medicine, law, business, and public administration. There are more Chinese engineering students in US universities than there are in Chinese ones; and if you look at the quality of their education the gap is even wider.
The only country who even approaches our attractiveness for foreign students is Australia.
One of the reasons for this is the unusual openness of our schools; we have close to the highest proportion of our population in universities. Other countries with excellent schools, like the UK, tend to be much more restrictive in who is allowed to attend, and the quality in their schools is clustered much more tightly at the top, in a very few institutions. Oxford and Cambridge may be the equal of Harvard and Yale, but when you get further down the list, a school like the UW is broader and better than the equivalent there.
Our universities, as a rule, are the world's best at teaching as well. Asian universities, for instance, are famous for intellectual rigidity and rote learning, and miss the creativity, flexibility, and range that our schools offer.
If you look at the various rankings of universities that come out, US institutions dominate. One list I looked at had the US with 31 out of the top 100, the UK with 19, Australia with 7 (for only 20 million people, mind you), China and Japan with five each, and then the rest.
I think our long stranglehold on the top of the top is loosening, and some of these differences are changing; Asian unis are adapting to the need for creative thinking, and the UK has made incredible strides in making university education available further down the class ladder, and I'm not entirely sure that schools like Manchester, Edinburgh, and Bristol aren't the equal or better to Oxbridge these days, just as I'm not sure that Harvard or Yale are really better than Michigan or Cal, especially for undergraduates.
As for whether university education is right for everybody, well, obviously not. But everyone does benefit from exposure to academic thought, whether they take anything substantial away from it or not. I think it makes you a better person, and better equipped to deal with the complexity of the modern world. But what do I know, I'm an autodidact (no degree)....