This theory continues in modern elite American Universities -- they exist not to provide job skills but to deliver a "liberal education" -- one that teaches students to think, be moral, etc. (I read from the brochure here).

Those Ivies that have more job-oriented programs tend to have (at the least) those schools looked down upon in comparison to the more 'pure' academic pursuits, e.g. Cornell's Hospitality school.

While Ivies are not tied strictly to America's true upper class, serving more as a means of entry into the upper-middle and lower-upper, this sort of signaling is an important part of some of the soft benefits they provide students -- it would be gauche to be worried about a job, ne c'est pas?

n'est-ce pas ? Sincerely,the French grammar police

It's a thing in other countries as well. Schools which teach the classical languages in Belgium are called humaniora (literally 'more human'). About 30% of my classes were Latin and ancient Greek but we would also have more in depth art history classes.

They would lack in other education (like math and sciences) in theory but as it's also the place the best students get their education they tend to just force you to learn both (which is against some protocols afaik).