Yes, though at least for the Leaving Cert there was some degree of choice, so a decent percentage of the time was spent on interesting subjects; it was a big improvement on the Inter Cert (Junior Cert nowadays) where most of the time was spent on uninteresting ones.
http://thielfoundation.org/index.php?option=com_content&view=article&id=15&Itemid=19
Thoughts?
A lot of Thiel's beliefs are in line with those of a significant portion of the LessWrong community, so I trust his judgment more than I trust that of most.