I'm in a degree right now that sort of looks like what you described your game design degree was, except its oriented towards art and general design rather than game design. Most of our courses are about 2d and 3d animation, sound edition, video edition, flash and web design.
From what my teachers and the industry people they brought in to talk to us say:
The one most important thing you have to handle right if you want any job as a designer, no matter what type of design it is, is to follow trends and technology, and be up to date with it all. Things happen so fast. For instance, around 2007 and 2008 there was a significant new element in the world of web design: fast, reliable real time 3d to be used in flash. http://www.papervision3d.org/ Before that, people who wanted to include 3d animations or effects in web pages had to either pre-render movies or do some fake 3d-ish effects. With that arrival, web design changed considerably, and for a while design companies and advertising firms would only hire people who could use that and could innovate based on that new hot tool. The craze died down soon enough, and then other trends popped up. Advertisement sites for movies and the like all milked that new thing dry. Its still being used a lot naturally but its lots its original shine and is sort of just another useful thing out there now.
Creative, technology-based jobs are like a crazy arms race, where a new bigger badder nuke appears on the market every now and then. And if you cant get that nuke while its hot, you're out of a job. Design is dirty and evil and ruthless. Professionally at least. As a hobby its just fun and games, its two completely different worlds.
About the game design course, I don't think it could really be useless. Colleges usually work very closely with the source of the jobs' demands, if they didn't know what the industry needs they would be out of a business. Usually teachers there come from the industry and know about how fast its world moves. Well it is the feeling I got from my own teachers at least, who keep bringing in big designer peoples from the advertisement, game design, animation, movie making and web design industries. They talk about their experiences, how the creative process goes, the kind of problems they encounter, the overall atmosphere and competition, the new trends.
The design world is pretty much Galactus and you are some dude somewhere and Galactus doesn't even care you exist and just eats you up and you die unless you're SUPERMAN because then Galactus sort of acknowledges you're there before eating you up.