Our apprenticeships are a lot cheaper though, below minimum wage, so it's easier for the employer to set aside time for training that doesn't earn money.
I'll chime in with a comment above, but I am an apprenticeship mentor at a big tech company, and while you are somewhat correct, most apprenticeship schemes will mix in academic learning alongside on-the-job training.
It's a great way to learn if you are motivated. If you're not, it's immensely stressful compared to studying for a degree.