Great discussion! I taught classes about color on the college level. Students who took the classes were mostly majoring in interior design or fashion design. What I observed was that interior designers could be very good, but those who understood color theory did the best work.
In my quilts, color theory is a starting point. It lets me know the type of color combinations I like best, and that's very helpful.
However, if something appeals to me, that's what I use. So I'm informed, but don't feel limited by what I know. If I like it, that's what's important.
It amazes me that I've become an "artist," because my first grade teacher held up my crayon drawing of a purple orange juicer as a bad example. If art classes weren't required to graduate from college, I would never have found my place as an artist. I still can't draw, but it doesn't matter.
When I was a judge for wearable art at a quilt show, I learned that impact was more important than technique. It was an eye opener. I think both are important.