Yeah, I mean that's the idealistic view of what college is. I think this is an outdated view as we have the internet now and knowledge is incredibly easy to find if you can be bothered. Can't be bothered? The world needs ditch diggers too. If you can make it through college, you're cut out for non-ditch digging jobs.
You're basically saying that college is completely pointless except as a way to rank a meritocratic society.
Except college/testing doesn't rank meritocratically. It reproduces our existing structural hierarchies in the next generation. It would be simpler and more honest to give the kids of rich parents fast track internships.