The short answer: yes. The longer answer is that both are just as necessary and go well hand in hand. In formal education you will learn a lot of theory, not all of it applicable or applicable in the format as presented. That is where actual hands on experience comes in.

On the plus side, in formal education, you will be exposed to a lot of ideas that you may otherwise never see. You will get to experience other industries and other approaches. Businesses tend to get siloed in their scope and there is little if any cross over of best practices.