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Probably depends on the field. In my field, computer science / software engineering, the consensus is that a Masters will make you a better engineer, but a PhD isn't really useful outside academia. I imagine there are fields (chemistry maybe?) where a PhD is useful in the field.

I do think my Masters made me a better engineer. I learned more broad knowledge like graphics and architecture, and I picked a specialisation, parallelism, which is imminently useful.