Sure, there's room for external learning, especially at companies where software isn't the primary focus, but almost none of the best software architects I know spend much of their time reading about architecture.
Speaking personally, I've learned more about architecture from reading code and system design interview prep materials than I ever did from any book. The closest I found to a useful book was the "architecure of open source applications" series which is essentially reading code with a senior eng to walk you through it.
Now, I do feel different about academia though. I could understand doing fundamental research and dedicating most of your living hours to those problems. But i guess I just feel like the research mission is infinitely more valuable than the corporate one. I say this having never had the chance to really contribute anything meaningful to any company I've worked for, and never having worked for a company who's mission felt personally fulfilling to me.
I'm glad that there are people who work their butts off for work in important places but I just can't imagine doing that myself and not just disintegrating with regret when I turned 65.
I'm the guy who reads books about my career (not about my work) outside of work (in my free-time) and during working hours as well. I love my career (computer science) and I love reading well-known tech/cs books. I don't do it to be the "best employee". I couldn't care less about what I do at work (I, like 99% of the people here, work for a totally useless tech company that nobody would care about if it disappeared tomorrow). What I do at work is stupid distributed systems in Go + Kafka + postgres + k8s (totally uninteresting stuff, but pays very well though). I genuinely enjoy readings books from Stevens, Kerrisk, Kleppmann, etc., just like I enjoy reading sci-fi/drama/etc. novels. I usually end up learning stuff that's actually useful at work, and once in a while I apply such knowledge at work, but I do it only for the raises and promotions.
There are people out there who doesn't give a fuck about tech companies, but care deeply about tech.
A lot of what non-coding architects traditionally brought to the table has been taken over by experts designing OSS protocols, data formats, etc. Take things like data frames that are now exploding in ML space. Seniors today, agreed, should be able to integrate (sub)systems and that may in fact be enough. But a competent systems architect (who have never touched code) should be able to also define data formats, patterns of movement of data between sub-systems (for say optimal performance), the actual computing platform considerations, etc. Also, sometimes when being too close to code, things degenerate to debates about tools, etc.
Naturally my points here gain more validity as system size (or its open-ness requirements) increase.
You have to watch out for people being too exclusionary though, almost getting into no-true-scotsman territory.
For instance: you can be a valuable contributor to a large, interconnected system, explain each part of it, but maybe not have the skills to build it from scratch. I would call that senior, but I wouldn't say architecting it from scratch is a basic skillset of this position. My opinion is if you could build large systems from scratch for a company, I'd say you probably need a title and pay higher than senior.
If you did want to roll architecture into a senior job, I'd imagine the pay is higher than non-architecting seniors, but it's hard to quantify the architecture contribution to the salary's bottom-line. If you took the non-coding architect's salary and added it to the senior's most of us would be clearing like 300k.
Personally, I'm pessimistic around job duties because you'll find so many companies looking for do-everything one-man armies at lower-end wages.
Seniors should be able to build large, interconnected systems. IMO that's a basic skillset required to reach that level, and part of why I roll my eyes when I see people with 5, 4, 3 years of experience claiming to be seniors.