I did a National Diploma in "Popular Music", and a BA in "Music, Technoloy and Innovation". Most of this time was spent playing around with different microphones, hardware and Software packages and gaining confidence in using them. We also learnt alot about acoustics which I do still think about when working.
I have certainly learnt more since working in the real world. But to get those real world jobs you need to be able to prove that you are interested in the area that you want to work in. Qualifications do help this, but are not a guarantee to get the job.
After Uni, I interned a few times and ran alot of my own sound recording projects, set up a blog and podcast just to show employers I am interested in what I am doing. I then started to do unpaid projects with other people to build contacts and experience. This was the most important part of my CV and receives alot of attention during interviews.
I think going to University gave me the confidence to go out and build my portfolio and experience. If I hadn't have gone to University I would probably not have gone down a different route. But that is how I am and the opportunities that I have had. I have met many other people who haven't been to University and still do a great job at what they do.