People seems to think theory are just learning how to read notes, play scales/modes, a few sharp and flats, know a few keys etc.
May I add that that's the rudiments of theory - it's not even close to what theory is all about.
Music theory shapes what music is supposed to be and what it's not supposed to do. There may be some rules which seem to "restrict", but dis-regard the rules and the sound will actually come out worse. These "restrictions" can be bypassed - by more theory if applied correctly.
In theory, we don't just learn chords - we learn how chords work with one another, how they progress from one to another, what progression should not be done, how each notes in a chord is arranged when you play the progression so as not to cause problems in the sound; we learn how to write melodic lines that makes sense, how to put music to words so the song comes out alive; we learn the different possibilities in creating different colour to arrangements and how different instruments can be played together so as to bring out the theme, what instrument should be playing what at different times (instead of every instrument trying to "solo" and make a total mess of the piece); we learn creative ways to modulate from one key to another; we learn unusual chords... and this is only scratching the surface. There's counterpoint, harmony, arragement etc etc etc. Tell me that's not going to help in creativity....
But I do agree that by itself, if not applied, may mean nothing.