False dichotomy. What you call "not studying" would vary between effectively dropping out (for the people who are only at uni to get drunk and end up with a degree at the end), gaining a more thorough holistic understand of the material, or diving really deep on some of the aspects that are most interesting at the cost of others.

The drink-and-get-a-certificate people will indeed profit from being encouraged to study, but the controversial opinion here would be that university should only or mainly care about those.