More Important: Multiple Deployments or College Degree?

Both are, some people are willing to work harder to achieve them.

College over deployment depending on the timeframe for both.  If you have someone who's BASD is at or before 2001, who successfully completed a degree on active duty since, and who has zero combat tours; then I would prefer a back to back deployer with no degree.

The above is an extreme example and the easy answer is both.  It is possible to squeeze in an associates degree with one or three deployments in a career.

In the long run: college.  College means you sat down, got education, and are hopefully utilizing it for Uncle Sam's best interests. A deployment just means that you were there, it doesn't say anything about the quality of the experience.  A hard tour in garrison is better than MWR NCOIC for a whole rotation downrange.