It can... Depends on what you want to do during college.
If you only want to get out of your house and do your own thing though, and you don't know what you're interested in studying, it could be a complete waste of time. You have to work your ass off to make the education part of it worth it, and if you don't you might end up regretting it... But then you get to go for 6 years, like me!
Thats not to say that I completely failed two years of university, but I didn't do as well as I could have (B/C average, cruised through with absolute minimal effort), and now I'm taking some time off and working, and if all goes well I'll be going back to school in the fall to start again and take something I'm actually interested in. It can also be really depressing feeling like you're selling yourself short by getting a degree you don't want or half-assing everything.
There's absolutely no harm in taking a year or two off after high school and then going back to college though. You'll have money saved up, real life experience, and chances are you'll have a decent idea of what you want to do too.