In some industries yes that probably is the case, however some jobs require a degree or masters even for entry level positions (especially if you want to work abroad in places like the US) and apprenticeships are not exactly bountiful in the UK these days.
70k over 5 years is peanuts, you could earn that stacking shelves, what you are quoting is essentially minimum wage for 5 years.
Based on last years data "University graduates in England had an average annual salary of 38,500 British pounds a year in 2022, 11,500 pounds higher than the average salary for non-graduates" source =
https://www.statista.com/statistics/1191970/annual-salary-of-graduates-in-england/#:~:text=University graduates in England had,average salary for non-graduates.
A better balance is needed but to say vocational training is always the better option for career progression is just not accurate, both are needed and which is the better option is very much profession dependant in many cases.
Lastly, university is also about more than education, it is a gateway to adulthood for many people and the experience in many ways is as important as the education. Work is a long slog to retirement, university gives that buffer to improve your education and skills without entering the workforce at 16/18.