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Having a formal design education from tier-1 colleges is a highlight on the resume. Your design credibility will be enhanced. And the placements from these institutions start off at a higher range in comparison (average is higher)- it takes a while to reach there via the work route.
Having said that, just graduating from a top institution is not enough, your portfolio does all the talking. IITB can only give you a better first podium.
If you already have experience as a UI UX Designer then again going back to a college life won’t really help much. College degree will just give you a fresh start, which you don’t really need, I think, as you already have experience of 1.5 years. Just get some really good projects in your portfolio and you can land up in a great company with quite a good package.
All the best👍🏻
Thanks