Not really. I work alongside people with several degrees/diplomas (they have their tickets in culinary arts as well as other fields) and I'm along the same pay scale as them (they've got about 5 years more experience then me so get 1 dollar more per hour - keep in mind I have NO education, 21 years old).
BTW, restaurants don't make huge profit, owners can't afford to pay more for their cooks' education. You get market value (which is quite low). Education will never hurt for personal and intellectual growth, but it doesn't necessarily get you anything more in the workplace. (Some hotels will give you more money for it, but most restaurants won't)