It depends on your definition of working on code.
If you're teaching yourself algorithms and advanced data structures, then by all means skip it. If you're not, then you're in for a nightmare come hiring day when you get some NP Complete problems and Algos with a complimentary whiteboard to demonstrate your lack of knowledge.
The main benefit of college is social skills for a Comp Sci. NEVER underestimate the value of social skills, they'll be the determining factor in more than you could ever imagine.