You posted this in the Effects forum, so clearly you still have a lot to learn.

Srsly though we all have a lot to learn- there is never any point in your life when you will no longer benefit from learning some new technique, refinement, or underlying concept.
IOW if this particular teacher is doing nothing for you, then get a new teacher. Do NOT take his limitations as a sign that you don't need any more lessons. Also taking "a music theory class" is just the tip of the iceberg. I know musicians who have been bandleaders for years who still get stumped by some theory issues.