It's definitely not a bad idea to study PHP. That being said, I tend to think learning anything is a good idea (even a bad language would teach you something valuable).

It would seem you're definitely conscious of the disdain toward PHP. I would certainly keep that in mind if you find yourself applying for a job. If you're going to apply to a trendy (uppity) start up in California, the kids there will probably laugh at you if you have PHP listed before Node.js.

Study PHP, but on a framework with some sort of built in architecture. It's possible to write entire apps with all of your logic spread out willy-nilly throughout the view.