The truth is its a hard industry where you have to work your nutts off and struggle to get by and also accept that it may never change.
It was like that 25 years ago (when I started) and it's still like that. I don't even have grade 1 piano, still can't read music, never got a degree in music production or anything else music related. Yet somehow I've managed to survive and at my age know full well there's [ ****** ] all else I can do, now, so working my nutts off to continue to get music work (again) is the only option I have.
Degrees have (a little) something to do with it - but usually either straightforward music degrees from the Royal Academy (or similar), or straightforward electronics degrees which actually teach you how to make and fix stuff. "Music production" degrees don't appear to have anything useful to offer anyone. A capacity for sheer bloody-minded determination, long, long hours working away at something that may never earn you a penny, and just being a straight up good geezer who's totally professional about what you do, are worth a lot more- along with total acceptance that there is NO standard career path and it's likely that you'll get absolutely nowhere, for years, with no guarantee, of any kind, that you'll get anywhere anyway. If you want a 'normal' life, with average income, mortgage, family, and all that jazz - avoid. Or do it as a hobby.