Fish and chips ultimately devoured by graduates (4)
I believe the answer is:
bass
'fish' is the definition.
(I know that bass is a type of fish)
'chips ultimately devoured by graduates' is the wordplay.
'ultimately' suggests the final letters.
'devoured by' is an insertion indicator.
'graduates' becomes 'bas' (people with Bachelor of Arts degrees).
The last letter of 'chips' is 's'.
's' put inside 'bas' is 'BASS'.
'and' is the link.
(Other definitions for bass that I've seen before include "part of score" , "Low singing voice" , "A fish, or the lowest pitch in music" , "Sea fish; voice" , "Large percussion instrument" .)