A credential in "English" isn't the exemplar of self-indulgence that it would be in the US, where everybody already knows English and "English" as a school subject just means literature.
Knowing English in China has real, immediate financial benefits. For any given job (programmer / secretary / waitress / anything), a role that involves having to communicate with English speakers is more prestigious and offers higher pay.
Every college student already knows English. It's a required subject in high schools. Anecdotally I do know of a Chinese student majoring in English in college telling me the best part of her college life is reading Dickens all day.
It is true that English is a required subject in Chinese high schools. This no more means that all Chinese college students can speak English than US high school foreign language requirements mean that American college students can all speak Spanish.
You’re right about most of that, and if you look at Japan it’s a similar situation with a similar outcome. It is however also not true that Americans have to take Spanish, they could just as easily take Latin.
That depends heavily on where you go. My high school only offered German and Spanish. I think a few years after I graduated they added either Japanese or Chinese, though that's because our school district was growing significantly year over year.
If you're not in a large school district / large city, your options as a student in a public school (and most private ones) are quite limited indeed.
Knowing English in China has real, immediate financial benefits. For any given job (programmer / secretary / waitress / anything), a role that involves having to communicate with English speakers is more prestigious and offers higher pay.