They know how to set up Analog Devices eval. boards, write python scripts, use LabView, GNUradio, program an FPGA to do fft, etc. An absolutely staggering number of things, all of which depend on an absolutely staggering volume of infrastructure.
However, that is by and large how industry in general is going and what young graduate engineers are asked to do in their jobs so it makes sense they actually know how to be productive when they get out. Everything has an embedded controller in it now so it makes sense that they know how to work with those.
I was fortunate to have been raised goofing around in my parents' basement making, breaking and fixing radios and computers, got a formal education in the age of Intel 8085/8086 and Motorola 6800/68000 processors and have been able to integrate my hand-on background with other things to make a career. Even with that, my lack of attention to things like the emergence of microcontrollers like, for example, Raspberry Pi, Arduino, associated software and that whole "ecosystem" around this sort of stuff is starting to impact me professionally. I mention this not really as a lament, more just to point out how important these things are now.
Take away their computer, programming environment, or proprietary software, and they cant do anything. The most common means of servicing broadcast equipment, is to call the manufacturer, and order a new part, or for smaller stuff. a whole new unit. I am lucky that I was raised with a father who is an electrical engineer, and understands the importance of fundamentals (also sans college degree).
Yup, it's true that there is less knowledge of these things in industry (in my experience anyway). I went to a university with a massive lab course requirement, requiring a fair amount of experience with instrumentation (but not so much with soldering) but even if you soaked up all that knowledge, there still was a lot to learn. I was a geek about working in the lab, instrumentation and the practical implications of the theoretical shit we talked about in class, because that's how I started in this whole process and I continued to be interested and found work employing those skills.
But not everyone is like me and now people are being introduced to electronics in different ways than they used to be - without a soldering iron and probably with Raspberry Pi or something. That's the way things go. I bet that people were bitching 90 years ago that "kids these days don't know how to turn an automotive driveshaft on a lathe anymore" or some such. The world is moving on.