Probably is a common Liceo Classico in Italy, where Latin and Greek are teached each for 5 and 4 hours a week during the first two years and 4 and 3 hours during the following three years.

which highlights the point that choice of subjects should very much be culture-specific.

Picking up latin as an italian seems far simpler (and probably more useful) than as an english, as you can guess large part of the lexicon and you will be exposed to "volgare" (transitional latin-italian) when studying early italian literature.

But would studying Old English be of any use for italians? I am not sure.

Yes, I attended an experimental classico.