The sick thing is that those kids who do come from money and end up getting degrees in stupid majors end up getting the same or better high paying jobs that the rest of us have to work for by getting relevant degrees.
I see it all the time. I have an accounting degree from a modest state college and I am a lowly employee who is under a Controller that is neither a CPA nor has an accounting degree. Alas, he went to Penn State and comes from a comfortable upper middle class background.
You should be commended for your hard work. You have nothing to be ashamed of.
In this situation however, we're talking about something a little different. This person you work for, has a degree from a well-known school. PSU is not Ivy League, but it's well-regarded as turning out decent grads.
Your boss may have their position through other means. Perhaps their family has connections with others in your company. Perhaps your boss has good administrative skills (which don't have to be degree-specific). Perhaps your boss is a good yes-man, schmoozer, or whatever. You'll have those in any company, regardless of the education. In this case, the degree opens the door for bigger things.
"Alas, he went to Penn State"
Penn State is not exactly the Ivy League. Perhaps your boss has a lot on the ball.