Now, I wasn't in engineering school, being a math type, but the engineering undergraduate I've conversed with since then, have all told me that they had to build their own processor during what's essentially a "programming languages and processors" course, and not a "canned" design, but one for which they first had to design a machine (assembly) language and a compiler, and write/debug/document them so they could prove everything works. Not all students succeed in this effort, but they have an entire semester to do it. They could probably get through the task without learning what a transistor is and how it works, but I'm quite sure they learned about soldering, wire-wrapping, or whatever their technique of choice for assembling the thing was. They also learned about databooks, and the like, since they had to figure out what sorts of parts to use and how to wire them. Presumably, they had already learned about constructing programs in regimented programming language training, probably 'C' these days, but typically Fortran when I was in school.

I've met professional engineers, some of them quite capable in their respective roles, who couldn't do that. There are several reasons, among which are the inability to plan ahead sufficiently to be able to adhere to a plan for 4 months, lack of application to one or another phase of the task, which problem was probably mitigated by the fact that this project is typically done by two or more persons as a team, and a severe distaste for the discipline that design and implementation of either hardware or software, and I think software requires more of it, to enable one to do that part of the work. Nonethess, just as the folks who didn't succeed in getting their project to work often passed the course, such individuals can make substantial contributions to a major engineering task. Unfortunately, you can seldom prove that from college transcritps or letters form the department head.

For many, going to college is a way to postpone having to make one's own way. When I was a student, some people thought it was a good way to avoid military service, which, back then, could prove quite hazardous. Today, it would seem it's just a way to keep from having to do something useful for a few more years.

Judging from the fresh graduates I frequently encounter, I'd say it will be some time before they're able to do much of anything useful.

RE