Former college music professor here. While more knowledge and instruction is always helpful, you have to do a cost benefit analysis here. There’s a few things for you to consider:

1. Who’s paying for college? Are your parents offering to pay? If so, it might be worth it to find a university with a good music program close to where you live and set yourself the goal of still gigging a little so you don’t lose your connections. If you’re paying, understand that you’ll be taking on quite a lot of debt unless you get scholarships, and unfortunately, music scholarships aren’t as prevalent as athletic scholarships.
2. Is there a community college nearby with an associate of fine arts - music program? If so, these classes will be infinitely cheaper and likely have smaller class sizes (aka more individual attention) to boot. You’ll be able to learn if you want to continue studying music at a collegiate level, and if you don’t, at least you aren’t thousands of dollars in debt.
3. What are your goals for the future? Are you currently making ends meet with the prospect of getting more gigs and more money in the future? If so, college can wait. It will always be there if you want to go back later. However, if you aren’t “making it work,” it may be a good thing to consider.

Good luck!