The disadvantage with standardized tests is that it's an unrealistic work experience in which the student has no access to tools and reference materials that they would ordinarily be able to leverage.
Need the formula for the moment of inertia of a shell sphere? The coefficient of linear expansion of gallium? Fourier series of a sawtooth wave? If you've somehow forgotten the formula for the mean of a sample? It's all in there.
There were of course some things that weren't in the formula book - and if you had to look up every last thing, you'd face a lot more time pressure in exams.
Ugh; there's a reason why I'm switching my architecture course to MIPS32.
How many people will ever have a need to know the derivatives of the inverse trigonometric functions?
No, they wont.
Anyone who's taught test prep knows that "modest"/lazy students can achieve huge returns from being coached to exploit patterns in test structure and test content without actually becoming any more qualified as a student and without developing any kind of transferable knowledge.
But it requires investing money in private test prep tutors, many of whom are themselves capable of good-paying opportunities elsewhere, so it's largely not available to earnest and hopeful students of lesser means.
This impacts SAT, ACT, GMAT, LSAT, and plenty of other common tests.
Or checking out a book from the library and reading it.