If the metric of comparison is employment, you need to be able to produce output rather than cite theory. In fact, I know of no developer, ever, who was hired on the strength of his awareness of theory with no programming ability. There is a chance you could get something like that in emerging fields like machine learning or data analysis, but you'd still have to have some ability to implement your theories or processes. Of course, you'd also have to be an acknowledged expert in the field, and that's not likely without products.
If the metric is the ability to produce a secure, well-architected product that utilizes some of the more popular frameworks and libraries, working with the common IDEs, build and testing tools, team collaboration tools, and awareness of the software development lifecycle, well again, being an actual software developer is better.
If the metric is ease of writing more efficient code (less memory, faster), or being able to evaluate, generate, and implement complex or new algorithms and heuristics such as key based encryption, trend analysis, predictive modeling, physics frameworks, and so on - well, in these cases you need the strength of the CS degree. You can't do it without picking up a great deal of necessary knowledge.
As a side note, at least 98% - probably more - of software business needs revolve around simple data manipulation, trivial calculations, and user interfaces of ever-increasing complexity. They want an inventorying system, or a way to generate a report on sales, or to send a digital payment from one customer to another, or whatever.