I've been retired for 4 years, but for the last 5-10 years before I retired the answer would be yes and yes, specific to my job and function. Education-wise, they usually had an edge on me, but experience was a big factor in my job and that they did not have. There were only a handful of us in the company who were capable of doing the job competently. I was the most senior and most experienced. When I was moving up, my bosses were usually also experienced in the same job, but then the company started moving younger, although better educated, people into management roles. They were in over their heads. I still get calls and e-mails from the guy who took over the department picking my brain. Recently, a friend who retired after me was called back as a contractor to help oversee the operation because young whiz-kids were making too many mistakes and two of them had to be re-assigned before they got someone killed. If I was stilll in the area I'd be there, too.
Granted, the young people today are smart, if not brilliant, but years of experience counts for a lot more than it's given credit for. Unfortunately, most of these young people will not get that experience because they do not stay in the job long enough to really learn how to apply their education. I have recommended to my successor that he pick a few the best candidates and do whatever it takes to retain them in the job over at least ten years (that job requires a good five years to become really competent and they are currently being rotated out after about two).