In my short career as a pilot I have seen things which back up both sides of the argument. I'm a Brit and I learnt to fly in the States, and then instructed out there. I was asked to check out a guy (to fly a light twin) who had this 4 year degree from Embry Riddle and he did not have a clue about flying or the way the aircraft worked.
On the other side, in the states when learning multi engine there is a huge emphasis on understanding the various factors of Vmc. When I went to Oxford to convert to a CAA licence there was not a single mention of this in the ground school or even when flying the aircraft.
With this in mind I don't think it is fair to generalise those from either side of the Pond.