For me it's very close to that. Nothing is directly used, but for those of us who really payed attention and didn't just do assignments to get them out of the way, the underlying principles of the stuff from college has help significantly.
With a BS in CS, I have two explicit examples:
* Understanding time complexity has helped with a couple performance issues, but one big one was recognizing a Schlemiel the Painter algorithm [0] that multiple other devs (including a senior) hadn't noticed - fixing it brought one process's the nightly runtime from something like 2 hours to 5 minutes.
* In an information retrieval course, we built a basic inverted index as a semester-long project. That experience has helped with understanding how Lucene and Solr do things under the hood, which helped with various things relating to it - understanding why it's fast, understanding why doing certain queries things didn't improve performance, and understanding what people are even talking about online when trying to diagnose memory issues.
If some of this (particularly the time complexity one) sounds basic, it kinda is. But that's the problem - my experience is that people who get into software development through bootcamps or are self-taught end up missing this foundational knowledge, because they don't even know it's something that's out there.
[0] https://www.joelonsoftware.com/2001/12/11/back-to-basics/