I think there's less incentive than ever to learn more than a dash of music theory. You can outsource it to software, grab any bits you like, and then learn to play them live, if you're into that. Arpeggiators have been around forever, of course. cue Baroque music There's an analogy to be made with designing timbre from scratch. Knowing what happens with you modulate the modulating modulator with phase-shifted LFO that varies in time... MMMMmmmm dubsteppppppmusic theory ... can become a prison
For sure, there are some impressive tools popping up nowadays. One I saw recently that I thought looked great was Scaler 2. I think it comes down to whether you value having that understanding for yourself. I feel it deepened my practice and also my connection with the music I love. But ultimately it doesn't matter if you know theory or not. A cool piece of music is a cool piece of music.