From the description it sounds like PIX for OpenGL. And, yes, if you're doing any kind of graphics programming a tool like this is worth its weight in gold. There are so many things that can go wrong when writing rendering code, being able to analyse what actually happens is a major help.
It's probably less useful if you're focussing on design or art, because then you're most likely using off-the-shelf applications like Max and Maya, or Unity and Unreal.
(There is a tiny bit of controversy if game-specific colleges like Full Sail are worth their money, or if a traditional college is a better choice. I recommend speaking with a few graduates, and with game companies in your area what they think of a Full Sail degree.
And remember, working in the game industry is a bit like working in a candy factory: After a while you start to hate candy. Or, if you're a butcher and know how sausages are made you may stop liking hot dogs. AND if you hope that you'll work on "Your Favourite Game II (TM)", it is quite likely that you spend years on "Crappy Licensed Game On Tight Budget With Short Deadline (TM)". YMMV, of course.
My recommendation is to get a proper job and do a mod or independent game on your own time.)