my personal experience:
went to school twice, 1st when i finished highschool, got a job in a small studio as 1 of the 2 engineers, was there for about 2 years, but i didn't really like engineering, the streets were calling.
just finished school in july, the instructors are still in the biz and nuff classes were canceled and rescheduled near the end of the term makin' shit effin' intense. it offered both tech and biz which after the 1st term, you make a choice of the 2 but still share some courses (contracts was one and one of the better classes with on of the better ent lawyer up here who had extensive experience with issues that plague hip hop producers/artists and was willing to give us free rep/contracts unless it lead to something major or a lot of cash gets involved).
anywho, it had internship program and encouraged students to get them early, had some job/intern ops sent to them and then us (most were ignored but my friend took one up and is now working with a songwriter/composer/producer that has worked with celine and others). it helps that there's plenty of alum in the biz, from big to small, so some ops are known 1st, plus the secret society alum stuff.
despite going there so i could eventually get into post audio, which regularly gets school interns, is regular work with generally regular hours and pay, i got an opportunity to work, not intern, at a small studio as the main engineer in my 2nd term (part time while in school) which i took, and unlike when i was younger, i'm loving it.
school taught me a few things, had to do math which led to math involved in audio/computers and midi and sysex data, music theory and composition/arranging, schematics (makes the near nonsensical ssl aws+ manual coherent and overstandable), contracts/pub/copyright, live sound (hated) and graphing (loved), post audio and some other shit, while the rest i already knew but learning new techniques, improving skills helped a lot. the contacts and networking was the most important, and was stressed everyday all day.
other friends got internships, one left a studio job that one of the instructors owned for a better op as an intern at one of the last big/major studios and because the main engineer is out of town on freelance work, he's been doing the sessions, which is leading to other ops. the school informs former students ops and internship ops, and some instructors do the same involving their business.
all that being said, this may be more specific to my city/country and the schools rep, established for more than 12+ years, plus not every story will be a success, whether the students are earnest or lazy when chasing ops or are in internships. but then again, the majority of the world don't end up doing what they dreamed of doing for a paycheck but so it go, life's a bitch