The degree is more important in my opinion.
I've been scouting instructor positions at community colleges, junior colleges and business colleges around the country. For many of the positions in the IT field, a bachelors degree and 2-3 years of experience is required for adjunct instructors. While $1600-$2100 per semester for teaching a three hour class may not seem like much; $400-$500 per month for about 9 hours (5 hrs prep/assignments + 3 hrs classroom) part-time work per week plus the opportunity to "people network" makes the degree worth it. If you teach two classes, double that, and the workload.
A degree opens doors the certs cannot. Certs are nice and I have a few. With both plus some experience, one can only strengthen their individual positions.
Experience remains the key. Don't be afraid to start "small" after graduation so long as it is in a related position.