I often use company time to learn about new things that are related to my work, but not necessarily immediate tasks. For example - While working on a Java app, I will spend some time learning AWS or Kotlin. Not one person in the companies I have worked for ever told me off for doing that, most in fact encouraged it. My personal diary/notes suggests I spend between 25-30 hours/week doing actual tasks or attending meetings and remaining I spend socializing at work to build relationships which will help get things done for me or learning. This of course is average over a year, some weeks are more work heavy (even stretching to more than 40 hours) and some less so.
I have come to prefer it instead of shorter work week, which means same amount of work needs to be done in less number of sleep/break cycles, reducing the quality I produce. When I worked for myself, I used to work only 3-4 days a week and observed that in theory it sounds good, but my personal experience was, I was spending far less time subconsciously and output was not inline with my usual quality.