As a research-oriented data scientist at one of the larger tech companies, I can confirm that even here, a lot of people are unsure about what exactly data scientists are supposed to do. My most frequent request is "tell us why metric X dropped", to which the answer is often a subtle combination of many different factors (often random fluctuation) that doesn't lead to a pleasing actionable result in the sense of "here's why it dropped; go do this to fix it".

The really interesting research type work (Bayesian modeling, convolutional neural networks, etc.) takes a long time to implement and may produce no useful results, which is a really bad outcome at a company that measures performance in six month units of work and highly values scheduled deliverables and concrete impact. Many of the data scientists I work with tend to stick to methods that are actually quite simple (e.g., logistic regression, ARIMA) because these at least deliver something quickly, despite the fact that many of my coworkers come from research-heavy backgrounds.

In my org, there's nothing stopping anyone from pursuing advanced machine learning; for the most part we set our own agenda (in fact, determining priorities is part of the job role). And some people do in fact go after state-of-the-art ML, with some really cool results to show for it. But in terms of career progression and job safety, the risk is just way too high, at least for me personally. I save the highly mathematical stuff for a hobby.

Edit: while this may sound a bit negative, I will add that my description of data science isn't a complaint per se; I am mainly trying to inform those who are seeking a career in data science of what to expect compared to what is often promised. The work that is most valuable to a business is not exciting all of the time, but I don't think there is another job in the tech industry that I would find more enjoyable than my current one at the moment.