I've actually observed the truth of your second statement, but never in the case of your first statement. Now, that's just a layman's observation. Your mileage may vary.
I suppose that the work of some theoretical physicists has produced solutions and insights that engineers were able to apply in the real world. That kind of thinking is something that I can admire and appreciate, because it leads to tangible advancements for everyone.
What I have a problem with, are all these government tit sucking eggheads who sit around postulating 11 dimensions, dark matter, the multiverse, etc. Perhaps their work will one day lead to something worthwhile that benefits the human race, but from where I sit, it's too far out for me to see.
Almost always true in the case of "experimental physicists", almost never true in the case of "theoretical physicists".
There are some truly gifted individuals who can do both extremely well. Einstein was NOT one of them. I think Robert Bussard was.
I forget which high level physicist the comment was made of (it might even have been Einstein), that apparatus started to break as soon as he walked through the door..... :^)