The theory sure is applicable, but employers don't pay for theory. If you got a CS degree in 1990 and stopped learning the day you graduated, you'd surely have a hard to finding a job in 2014.

The CS field moves at an especially breakneck pace, though. The half-life of the knowledge learned in school is very short.

There are probably some other degrees out there where the knowledge stays relevant a bit longer. But I think it really comes down to the fact that you need at least some degree of continual learning to stay employable after graduation.