Learning concepts like branch prediction, out-of-order execution, pipelining, register planning, caches, memory management is far far more important than Lexing/Parsing/Intermediate Representations and SSA.
Compilers also have this wonderful side effect of eliminating all the magic. after a compiler class, there aren't many mysteries left about how computers work. they take a string and do stuff.
Personally, I haven't gotten much milage out of shift reduce parsing, but parsing in general has been super important. Intermediate representations, coming from complexity to something canonical, and then transforming that back to complexity has probably given me the biggest bang for my time. If you squint your eyes, frameworks and dsls are kinda just intermediate representations. Sticking the parts together in a coherent way helped me.
I've never been in a situation where out-of-order execution really mattered to my code. but my compiler course taught me enough to know valgrind, so I'd go look for whatever the modern equivalent is.
Everybody is different, but compilers for me is where everything really jelled. There is so much complexity you just eat, day after day. Memorization only got me so far, at some point, I had to have real organization and clarity.
I think, if I had to give a compiler class, I'd start in the middle. tools for manipulating trees, tools to build that tree up, tools to tear that tree down. I know it's kind of a breezy approach, but the clarity seems like a prerequisite for dealing with complexity. the tree is the one thing the implementer owns, and is free to structure (and restructure) however they wish.
These are incidents of technology. If this were 1970s you'd be talking about in place sorting because we're stuck with tapes for anything past a toy compiler. Something that would be useless in a decade.
The point of education is to teach you how to learn, not how to collect stamps.