I would consider an art program to be valid and valuable path for the self-taught. It can also be a pleasant way to spend several years for those who just wish to be taught. I got a BS in Natural Resources Mgt, but worked for a couple decades or so for an Art Department at a CA State University where I ran the photo facilities for a photo program...about 125 to 150 students per semester in our photo classes. Programs can provide access to equipment and facilities difficult for an individual to have/maintain. And access to experienced photographers -- both in the form of advanced students and of visiting artists/teachers.
Colleges just provide the opportunity to learn -- how much a student learns and benefits from a program is tied directly to the amount of work they are willing to put in to it -- and a willingness to interact with the instructors and fellow students in a positive manner. It was easy for me to know which students were turned on by photography...they kept coming back to me for advice after sending them back into the darkroom to try it lighter/darker, more/less contrast...or asking them silly questions like "What do YOU want it to look like?" or "Why did you click the shutter?" The most fun part of the job.
I am a bit shy, so as a student, I did not pull as much out of my professors as I could have, though they were good enough teachers to make sure I got enough (Tom Knight and Thomas J. Cooper). Later as the lab tech, I made an effort to connect a little with the quieter students...I was around the darkroom more often the professors, and fortunately I enjoyed answering questions, demonstrating how to use equipment, and so forth. So make sure you use us!!!
I found the students who had the roughest time and usually ended up being the most disappointed were those who came into the program to have their image of themselves validated, rather than to learn.