

Only between the student and the university. Towards third parties, a degree is not a proof of work. It’s just a certification whose value depends on trust in the certifier. Of course they have the power to revoke it.
There are more legitimate reasons they could do so, like if evidence of plagiarism is found after the degree was granted.
If ever Firefox actually starts to disgust me and not just disappoint me, I’ll stop maintaining it and look at forks.
But it won’t be Librewolf, because the default settings are just a cargo-cult of self-contradictory “privacy enhancements” without any sane threat model that make the browsing experience much worse for little gain.