Do you believe that executive-level IT positions require a college degree as a non-negotiable requirement?

Yes, definitively. I believe titles are not important but for some roles it is also a matter of prestige.

I voted No. But in the reality of day to day, as of 2023, compared to the 1980s and 1990s, I would argue Yes.
I don't believe that universities have a monopoly on learning and I don't think pedigrees have any impact on knowledge and performance. I have turned down so many ivy league PhDs to count, and it is not the knowledge accumulated that matters for an executive but the ability to translate knowledge to action with high degrees of success and a humble learning attitude when faced with failure. 
This doesn't require formal education. However, running the statistics over the last 35 years, I admit that yes, it is a heuristic we can count on. Screening for education misses many potential diamonds in the rough or needles in the haystack, but it makes the recruitment job easier. 
If we could change HR to rethink recruitment and employment, then I would happily waive the criteria. But given that HR mindset for the digital era is hard to change, then I pick my battles and add educational criteria. But I look at experience and success rates after that first filter.