In what way are paintings educational? Don't get me wrong I like looking at them, but I can't say I have learned any transferable skills, or that they've made me a better person or anything like that.
- Line
- Color
- Form
- Space
Studying the use of these elements can make you a better designer for sure.
If you are a film maker, you make study an artist's use of color (Monet, Mondrian) to get inspired for your color palette. You are right that studying paintings won't magically make you a better person or make you a better at basketball but in the realm of creation, studying paintings are definitely valuable.
That said, I'm not a fan of tax incentives for art from a government that's borrowing money, as one definition of art is that which has no function.