The crappy and annoying academic side of it, paperwork and 'key skills' that colleges have to incorporate is also a huge pain in the ass, I spent the last 3 years at Access to Music, and while I only feel my biggest improvement in playing has been in the 6 or so months since I 'graduated' (and decided to get my ass in gear), but I could never discount it as a 'waste of time' or what anyone else is saying.
We only had an hour of instrumental tuition a week, which could never be enough, and about 4-6 hours using the rehearsal rooms.
No it hasn't prepared me for work in music, yes it has given me 3 years to doss about and play bass every day, and I'm playing in quality function/party/whatever bands, with people of twice my age/''experience'' and getting paid, and I'm teaching people to play bass, and getting paid, and all of this happened in the 6 months since i left, so It must have done something for me, even if it's just a bit of confidence of having it under my belt.