I wouldn't go so far as to say that. There is a time and a place for having that academic experience but with that also comes a greater cost for the company which many just can't afford.
My previous roles have never required me to know this stuff (I've just started my first actual dev role) and even then I still don't agree that a masters in CS or Maths automatically makes you a better coder. There are many things that companies who are anxious about the future should do but going and only just hiring certain kinds of people is not a blanket that will protect them all, it's very situation dependant
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