If the goal is to provide meaning and purpose to life, to build creative thinkers capable of pushing humanity forward, then reading the high points of human civilization is probably important.
We don't need just the absolute basics but we definitely need the absolute basics first. And atm it seems like we're putting a large emphasis on the skills you're promoting but largely failing on the basics.
This exacerbated due to many people who (understandable) struggle with the 'high points of society' thinking that they're stupid and thus dismissing their own abilities before they master the basics.
I also have to disagree that "twitter speak and memes" is not intelligent communication -- just because something is new, doesn't mean it's less intelligent.
If we want them to read safety notices correctly then we're better off teaching J. K. Rowling than Shakespeare.
No, it helps you gain a richer understanding of the universe and your human place in it.
I doubt the average young person even knows that Homer is the author of the Iliad and not a character on The Simpson’s.