It was a real eye opener for me- I'd been writing code in many languages since I was 10, but this was my first glimpse at "that other stuff" that takes up the majority of one's day.
All in all, I feel like it prepared me for what I would face in the real world. We had to do stakeholder interviews where the professor or a TA played the role of unforthcoming/neurotic stakeholder, were introduced to various general document types like stakeholder analysis, cost/benefit analysis, requirements overviews, etc. and the last 1/3 was pretty much applying all the interviews and data to an estimation process. We also did a greenfield project, an additional functionality project, and a system replacement project to work through the pitfalls of each.
I also think it was the first time I read The Mythical Man Month and Waltzing with Bears.
The two things, by far, that stick out about recent college grads (or really, new developers in general) are the inability to estimate and gather requirements and a complete lack of knowledge around source control.
GitHub and a lot of projects that are based around checking project source out has made a lot of Junior devs more familiar with at least the idea of source control, but very little prepares them for the flailing and hand wringing that comes with estimation.