Coming from a strong hobbyist background, I did a "conversion" master's in computer science at a decent university, and definitely knew more than the professors on the topics that I already knew about. I didn't know anything about SDLC or requirements engineering, for example, though, so from that perspective a good third of it at least was very useful (and at the end of it I had a lovely qualification and had spent a generally enjoyable year, so I can't really complain).

(This was slightly longer ago than I'd care to admit, so maybe things have changed... I would expect it's still something of a case of "YMMV", as we used to say.)

Heh, I don't think I've ever heard SDLC mentioned in industry outside of bad consultants.