The school was then always disappointed by by their performance in mathematics competitions. After all, the other teams were "wasting" their times unimportant reading about algebra, geometry, and combinatorics while our team was "practicing" math with hours of manual long division nightly.
The practice is certainly vital, but it's useless without a good text to guide you. Unless you're lucky and grab a good one on the first go, you'll need to read a few texts to find the good one.
I'd say that reading is as important to learning mathematics as breathing. You'll be a lousy mathematician if you spend all your time focused on your breathing, but you'll be worse one if you skip breathing entirely.
Some intuition can be conveyed through text, or geometry and visualization. A good explanation can make things click.
I think you may be right about your own experience, that you get most of your intuition from exercises, but I'm confident this varies. Some people get much more than zilch from a good text, in addition to doing exercises.
The real world is harder than a classroom, but we don't have to make classroom learning as hard as research. It's okay to start with help and increase the difficulty gradually. You don't have to do everything on your own!
BTW: I think time not doing exercises is just as important; it's when your mind tries to piece together the data. Coincidentally(?) time resting, after physically exercising, is when your muscles strengthen.
A downside is you lose the thread if you skip exercises (e.g. do alternate ones) - the exercises are an integrated whole. But it's a lot to do all of them.
I hadn't gotten the impression that these helped show why exactly the axioms were choosen - though could well be there and I just didn't see it.