When learning music theory, especially via school/university, it may seem that it caps your ability to be creative, however one this to keep in mind, someone brought this up earlier, is that doing excercises where you have to meet certain criteria, and things have to be a certain way, is purely intended as a teaching tool so you understand how theory works, and to learn a skillset to apply to practical works.
I believe that music theory is very important to understand, and if you say "I make music, and I don't need any theory to know what sounds good", then guess what, you are in fact using, and understanding the theory of making music.
After composing and producing for a number of years, I took a music theory course that included classical, jazz, and popular music. The first thing I started to notice was that I already knew most of what was being covered, however I just didn't have the words to explain it or knew what it was called. All in all, I took a lot away from the course, even to the point where it improved my dj skills (relative minors: very important).
A formal course wouldn't be the best way for everyone to learn theory, but at the end of the day, all music theory actually is, is explaining why (blank) sounds good and why (blank) sounds bad. If you're already making music, my suggestion is to look up theory in the areas that you're having troubles with, and looking more into Audio Engeneering / Recording Theory, will have more applicable value to you.