I doubt the professors would want it characterized that way--it's still very much a research university, and the professors are very invested in the theory. As far as I'm aware we covered every theory topic that is widely taught in CS programs nationally, and I've never found my ability to reason about the theory or to read CS papers to be weaker than my peers from other schools.

From what I've observed, the main difference seems to be that we were writing code to apply the theory in every single course, where it sounds like a lot of people didn't touch a keyboard during those classes.