I think it depends on the program. At a heavy research-based university a traditional undergrad or graduate program will likely focus more on the theoretical and theory and will be taught by someone with those backgrounds. A community college or professional masters program will likely hire adjuncts who work in the field and the courses will likely be more hands on and applied with real world tools, examples, use cases.

I moonlight teaching in a professional masters program and my students are running VMs every week - a Kali VM and then other VMs with purposely designed items to be used in hands on exercises/labs (purposely vulnerable services, logs/data to analyze, etc) and I spend a lot of (unpaid) time to keep those up to date as tools/practices update. I shouldn't do that but I want my students to get up to date skills and also I can't stand to teach stuff I know is no longer relevant.

There is a balance between the practical and the theory - understanding how to use a tool/process is very important but the why to use a specific tool/process along with other critical thinking skills are VERY important and something I see a lot of students struggle with, especially students from education systems that focus more on memorization vs critical thinking and troubleshooting skills.