There's a difference between learning specifics, and learning habits of thought.
The two best things a CS degree can do is expose you to ideas you wouldn't otherwise know about, and to force you to work on hard projects that require a combination of multi-level analytical thinking and research.
Both of those are excellent training for at least some aspects of being developer.
But that doesn't mean the details are inherently useful. There are very few situations where you will be expected to write a compiler. So in that sense compiler theory itself is optional - far less useful than the experience of having to handle a complex set of data structures and relationships, which could in theory come from other kinds of projects.
Academic CS also tends to miss out a lot of useful practical skills. It won't teach you much about management (from either side), salary negotiations, office politics and co-worker relationships, or business theory.
It may not even teach you how to write good clean code that's easy to read and maintain.
So IMO the ideal CS degree doesn't exist. The ideal degree would be a good mix of theory with plenty of industry practice - possibly with some standardised requirements that would lead to a Chartered Developer qualification that was better at guaranteeing a working blend of practical skill, theoretical understanding, and analytical talent than current degrees seem to be.