From my experience of both academia and life in general, I'd say traditional tertiary education -- meaning lectures and research work from undergraduate upwards in a university setting -- is actually quite a poor way to learn anything.
I'd say the ideal way to develop knowledge, understanding and skill in almost any field is a combination of systematic practice and receiving personalised guidance and training from someone who thoroughly understands the field itself to at least the level you are trying to reach and is able to share that understanding effectively based on your current level of understanding.
Sadly, this is usually hopelessly unrealistic, because there are nowhere near enough suitable trainers around to give everyone close to 1:1 training in that format. But the further we drift from it, the more impersonal and generic training becomes, the more isolated individual practice becomes, the less immediate and detailed feedback becomes, the less effective the training regime as a whole will be.
Given that neither undergraduate-style mass lectures nor postgraduate-style research are particularly efficient at conveying useful information, guiding practice, or promoting rapid and actionable feedback, I personally don't rate either particularly highly on an idealised scale. Perhaps a more practically useful question would be whether there are ways to improve university-level training that are realistic given the time and money constraints and, beyond a certain point, the lack of many if any people who actually are more knowledgeable or skillful in increasingly specialised fields than the research student who is dedicated to exploring them.