Agreed. I had a special ear training class at Berklee for all the incoming freshman who aced placements, and if I recall correctly everyone in the class had perfect pitch. Transcribing was trivial across the board. I transcribed solos for jazz magazines as a side gig, and filled notebooks with solos in my personal practice.
Without a doubt, relative pitch and learning theory are important skills too, but they aren't mutually exclusive.
All of that is possible and frequently accomplished with relative pitch. I'm sure you don't disagree, but just for the benefit of other readers. Most of transcribing is recognizing intervals and rhythms, which does not require perfect pitch in the slightest. (If transcribing pitches were purely about recognizing pitches, then it would be maddeningly frustrating to transcribe a recording that is slowed down a few cents. But it can be done just as easily by someone with relative pitch, by focusing on intervals, key relations, and contextual memory.)
Without a doubt, relative pitch and learning theory are important skills too, but they aren't mutually exclusive.