certainly not economically. does anyone pay off their student loans within 10 years? ok maybe 10 years. but, whew! as i see it - the pay has to match the loan.
also, music is becoming so readily available that people don't often even ask professional musicians to play at their weddings. they just grab 6 CD's or have a band or pianist for only the ceremony part. less of a 'criticalness' is there for societal events and parties.
you have to sell yourself - much harder - these days. and, there is much competition in teaching in the higher education (university) setting. you can't just assume 'i am going to be a uni professor or a concert pianist.'
that said - any degree helps you learn how to think, how to process work flow, how to manage time, how to attain another degree. in an ideal world - each degree program would end by the student getting a job in that field. unfortunately, this is not always (but seems to usually be the case) the case - and/or the job is not as high paying or does not have the benefits that one assumes it will.
perhaps the best thing to do is to go and talk with professionals already doing the job you are seeking. seems to me that nowdays people are 'split' between several occupations that bring in money. music is not necessarily a constant moneymaking thing. summertime - students go on vacation. i think it is really a good idea to have two or three sources of income. that requires training in another field besides simply music.
i have a bachelor's degree in piano and i'm sure that i could teach lots of lessons and group lessons (which i hear really help the money flow problem). the thing is - if you have a music school - a lot of expenses are also kicked up. if you want to be successful - as i see it - you need a business degree so you can also incorporate several businesses at the same time. tax-preparation, art, language, whatever. you have to be imaginative and not say - i will do one thing and it will support me my entire life. it doesn't seem to be reality. that is what i think.
ps i am also driven by my heart and against parental wishes and odd negativities coming from others - i pursued 1 1/2 more years of graduate school (loan for part of it - and cash payments for the other) taking piano lessons specifically, as well as history classes, etc.
as i see it - people do music for the love of music. they just cannot do otherwise. the thing is - they can start seeing the absolute value of piano lessons for both personal learning and pedagogy and take another degree program at the same time. it might be slower - but more steady. perhaps adding another year if one gets both a music degree and a business degree or something humanities related : history, art, language.
**also, if one is truly talented and takes several degrees in music field - it might work really well. orchestral and/or choral conducting, piano performance, theory, musicology, (there are a wide range of degreed programs at west chester uni), pedagogy. i'm not saying people can't make it. it's better, though, to not think 'i will do one thing.'