I'm one of those old-school guys who just picked up a guitar and started whacking at it back around 1965 or so (do the math, that's more than 50 years ago). I never took lessons or was taught theory to the point I still do not read music or could tell you what scale I'm playing, yet I've directed contemporary and Spanish-language church choirs in the past. I guess I was always able to translate what I could hear in my head to actual arrangements and performance.
Having said that, I definitely think learning music theory is a huge benefit to any performing guitarist. There have been times (not many, but a few) where I felt handicapped by not having any formal education in it. I mean, I guess I sort of know theory, but I just don't know what it is I'm doing at times in formal terms. You can't play music actively this long without applying some rudimentary, wood-shed knowledge of it.
So, yes, I would suggest you do learn it, if you have the chance. But, don't get so locked into the technical part that you are unable to simply "jam" and improvise freely, without all the "dots and squiggles" on sheet music.