The Greeks realized the point. They called it phronesis, or practical wisdom. This is a union of knowing that can be described, modeled, and conceived of by a formula, with other type of knowing that is only gotten by experience. Which is better? The question is ill-conceived. Some of the greatest injustices of history, through our present making of history, are the result of people over-emphasizing one either theory or praxis. Both produce stilted men and women when pursued to the exclusion of the other.
I have posted the following elsewhere, but it is a perfect fit for the Peterson lecture above.