No, uh-uh. You can't sweep a data loss bug under the rug, under any circumstances, especially in a filesystem. Curdle someone's data just once and they'll never trust you again.
My Ph.D. advisor gave me his copy when I was just getting started with my thesis, almost twenty years ago. I remember spending 6-7 very intense weeks with it. It gave me most of the mathematical/logical background specific to databases I needed to finish what was primarily a DB focused dissertation. I kept coming back to it all through my studies and later.
If you ever need to design a logically sound query processor/optimizer and/or data storage layer, this is a book you should study.
It still sits on my bookshelf, waiting for the student whose interest in databases is deeper than dujourDB, so that I can pass it down to them.
Mostly bioinformatics these days. I’m in academia, and have been virtually all my career, so I can’t really speak to whether a Ph.D. is worth it in industry.