Overall, I would say no. I think a developer who spends more time actually developing is better off than one who only studies about the theories of Computer Science and doesn't really ever apply the knowledge they acquired.

That's not to say Computer Science is useless, but your time in college is better spent doing more than the minimum requirements for school (doing homework and passing tests). Otherwise, you'll have a harder time trying to get "work experience" with your first job after graduation when you could have given yourself plenty of experience with your own projects.