I would call that notation, not theory, but I can understand why some people would lump it into theory.the bass clef, the time signature, the key, the tempo, whole notes, half notes, quarter notes, sixteenth notes, etc., dynamics, bar lines, fermatas, codas, etc.... none of this is music theory?
Maybe it is because I am an engineer in my day job, but to me theory is rooted in the physics of sound. Why sounds fit together, and how you leverage that understanding into developing the lines that you play. How the semi-arbitrary division of the frequencies within an octave into 12 equal tempered half steps (or not for just temperament) provides interesting relative pitches (intervals) and how building different combinations of major and minor triads provides different moods to the music. Then the modes and other scales (e.g. melodic minor, harmonic minor, etc.) can be used to provide the raw material for the melodies on top of the various combinations of triads, creating what we know as music.
You can outright memorize theory concepts, but once you really understand them (and I still have a long way to go), you can see how they fit together in a logical system rather than a random combination of notes and intervals. Understanding that logical system is theory.
I guess a corollary to this is that you can really understand theory but still not be able to play for crap ;-) And the converse of course.