No it's not. I'll make it simpler. If you know the material really well but haven't memorized the problems, you will test poorly. If you memorize the problems and have no real understanding of the material, you will test well. This is obviously the opposite of what you want to test.
Growing up I was fed a false idealistic version of college by every college-educated teacher and adult, and it cost me $40000, so the betrayal in academia was felt much more strongly than work.
This was basically my experience in college too. There was no time to understand something, and tests didn't test your understanding. If you tried to solve a proof for the first time you'd run out of time and fail. You just had to grind homework and book questions until you could shit them out in 5 minutes each.
No it's not. I'll make it simpler. If you know the material really well but haven't memorized the problems, you will test poorly. If you memorize the problems and have no real understanding of the material, you will test well. This is obviously the opposite of what you want to test.