100%! The immediately after graduation sample is particularly useless; it's not surprising that entry level jobs do not pay well. But the bulk of the ladder climbing that is made available to people with college degrees and not to those without happens after more than ten years. (I think this disparity is bad and ludicrous, but I also think that it's real.)
The observation window might be too short to capture the full effect of education. IIRC the earnings curve peaks later for higher education.