While a specific certificate or degree can hold weight, the more critical factor is what you've learned and what you have done with that information.
If you take your craft seriously and properly apply the techniques you learn, one program type doesn't necessarily overpower the other. Having a formal education already helps you stand out in the saturated music producer and professional musician market.
Depending on how you look at it, one benefit of a music degree over a music certificate is the program will typically last longer. That would naturally mean more classes, coursework, and information. Therefore, this could be equated to overall learning extra valuable material.
However, while this may be the case, you also have to watch out for fluff classes. These are courses that are thrown in to make the program last longer (2-4 years) but are not quite beneficial to your growth as a musician or music producer.
This can lead to a longer time focused on your coursework when you could have enrolled in a more intensive, shorter certificate program.