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Yes it is one way to earn your pilot certificates, get the education you need to become a pilot, and eventually get a job as a commercial pilot. There are also other ways though. I did not go to Embry Riddle, however I have friends who did. It is quite expensive and there are other pros and cons as well.
Another way to become a commercial pilot would be through the the military. You could also go to a college and have just about any major, as long as you get your pilot certificates at a flight school. Possibly this could be a flight school with accreditation with your college or it could be completely separate.