Especially, education at universities and colleges has played an important role when new era of technological advancement appears.
Could be sth like: In a new era of technological advancement, education at a higher level plays an increasingly important role.
Education at a higher level is necessary for all people, not just
for excellent students because the main purpose of education is to provide students with knowledge and skills to adapt to the developing world.[/quote]
Education is an essential part of human's life when our society has more and more developed.
...part of a society that has become very developed.
There are many reasons.
omit this sentence!
Imagine if there were only good students at universities or colleges. This would lead to the serious lack of workforce in the future. This is easy to understand because only good students are trained and equipped with specialized knowledge. However, the large number of other people isn't, and that is why education is for everyone, not good students only.
The two arguments are a little vague. I know what you are trying to say, but you could express your ideas a little better.