I don’t want to get into any argument. I KNOW my position reflects my ignorance. But my reality is that I have enough on my plate trying to motivate myself to practice more. In terms of what would make me a better player, music theory - which I do not particularly enjoy - comes in a pretty distant last place.
Yeah - but If I look at a piece and see 2 sharps, I can just say, “OK, play every C and F #.” Explain to me how it improves my playing for me to also think, “BTW - the NAME of the key is ‘D major’”? On the bass (or piano) it just requires that I tell my brain what patterns my fingers play.
Embarrassing admission - the only 3 key signatures I can tell from reading sharps and flats are C,D,G major. My wife (our 1st fiddle) has flash cards and all. But that is nothing I care to do. Or that I see any real benefit to other than being able to say, “Hey - this is in E minor!”
Another admission - I know NOTHING about jazz. And am convinced that most of those aren’t even real chords! 
Our ensemble has played many songs where we will look at the key signature and ask our 2d fiddle - a HS music teacher - whether it is in the major or the relative minor. GENERALLY his explanations make sense - but I’m not sure how much the explanation affects our playing.
At times he will explain - at length - what is going on in a classical piece - why it goes from one key to another, etc. It is the kind of thing where I don’t know if I actually have a blindspot preventing me from understanding, or that I’ve convinced myself that I can’t undestand so I just don’t try…
And let’s not even get into why the instruments play in different keys! 
Hell, I generally play cello parts and was recently thrown for a loop when I encountered alto clef for the first time. Really stumped me, as there was nothing so high that it couldn’t be handled with a few ledger lines.
I play a lot of modal oldtime music. I think a lot of folk just like to say “mixolydian”!
For the most part, I just have to hear the order in which the chords come. And where the “off” chords are in addition to the 1/4/5. Knowing I Don’t Punch Like Muhammed Ali does not add to my playing enjoyment.
And I’ve had the circle of 5ths explained so many times - often even with helpful visual aids provided!
Eventually I realized that I know and can hear/play it, even though I couldn’t write it out. If a song starts out HERE, I know/feel/hear that it goes THERE - without being able to explain why or pull up a mental image of the circle.
As for atonal music - I’m personally not interested in that, so I personaly have no need to know much about how it is written.
Like I said - not trying to argue or defend my ignorance. Just explaining where I am at and how I can still enjoy making quite a bt of music despite my ignorance.