Having understood the underlying physics helps to deal with many real-life electronics problems. Like EMC, noise, interference, efficiency, signal integrity, ...
You don't think an engineering degree covers that in great detail?
That is unfortunately not the case.
From what I have seen by working with universities around the world that used to be the case (and often still is) is Europe (Italy, Germany, etc.). Here the traditional teaching order is bottom up, starting with lots of math (complex functional analysis, linear algebra etc) physics, electromagnetism in particular, then device physics (pn junctions, BJT’s, MOS) and on from there.
This gives you amazing basis for research type work.
Unfortunately it’s been some time that we are importing the Top down approach from the US (the UK has been the first, however it is not the only one now). This starts from system level and goes down from there, often times completely neglecting physics, math and even how semiconductor devices work. In a “makery “ type of way.
This is obviously fine for 99.9% of the electronics type work (nobody needs to know the width of the space charge region for the mosfet turning on and off the Smart IOT lightbulb) and thus preferred by most companies ( it is faster and cheaper to train engineers that way) however for research (both academic and Company R&D) in Cutting edge fields, this is really sub-optimal (basically it requires the first year of the PhD to be used up in studying the theory that was skipped before.
Unfortunately we are now (some countries sooner, some later) importing the Top