Ya, and the acting students can learn about "compliers" online too. Outside of a garage startup, an engineer is useless if they cannot integrate into a larger team through the spoken and written word. I've run into BS students who haven't read a book since highschool. I've met compsci masters students who still panic if asked to stand up and explain their work to a large group. If a few hours learning about theatre helps solidify your language and presentation abilities, maybe it should be mandatory.
Students should just join a toastmasters
when we are paring costs, its best to keep the colleges to the very bare minimum of what they do well.
Many benefits are difficult to quantify, but still measurable during an interview: presentation skills, discussions of how you overcome obstacles, demonstrable research into the hiring organization, insightful questions you ask, active listening skills, collaboration skills articulated through example and past experience, etc.
If an interview is exclusively writing code on a whiteboard, that says a lot of what will be asked of you during the job. Good fit for some, poor fit for others.