Companies should devote actual work time for studying, because relying on personal time is not just unethical, but inefficient. It's way cheaper to pay people to study in-house than paying for outside training or bootcamps.
Not everyone can (or want) to study this way, but devoted focused time give you far more benefits than one hour a day randomly whenever you can squeeze it. You can read most books (even technical ones) in under 8 hours, that's a single work day's worth. It's very likely your employees are wasting more than that over a two-week period on other things.
That requires someone who's driven to learn, who would appreciate this time for what it is (it's not vacation), but would foster an environment where people were constantly trying to improve themselves and apply those things to the work (because that's the best way to learn).
I study like crazy on my off time, mainly because I love learning, but it's definitely bordering on unpaid labor since I get all the best ideas after hours.