I work at a creative agency in London and we started taking in apprentices a few years ago, with great success.
In my opinion, apprenticeships work best for people who either already know they are interested in a particular craft and want to specialise quickly or for people who don't know what they want at all and want to try out a career before committing.
I work in UX myself and while there is definitely a place for solid theoretical foundations, I have found that it's a field that develops so quickly that experience is much more important than knowledge. Because of this, it's very suitable for the kind of on the job training that apprenticeships offer.
Personally, I loved every minute I spent in an academic environment at university. I know it shaped my thinking and personality in very real ways and I enjoyed the freedom of doing research without direct applications (while getting my practical fix through part time jobs on the side). If that doesn't sound like your cup of tea because you are more practical, you can totally skip it if you can get a relevant apprenticeship with solid mentorship and genuine job opportunity at the end of it.
I work with two people who entered in apprenticeships at my company instead of going to university (saving a load of cash) and they both have since been offered permanent positions. I don't know how their long term career prospects are, but I would definitely hire them over a recent graduate with 0 years of experience under their belt.