It can sometimes earn you an additional stripe. Your leadership ability, and your duty performance play an even bigger role than your formal education.
The military services is not in need of more overly educated service members. It already has its needed quotas.
With an Associates, you can come in at E3, and in AIT apply for E4. There are MOS now that can make E7 in six to seven years. You can make rank, with no experience and be underpaid.