No this isn't the college experience for most people.
Students aren't all perfect. They're young and dumb and occasionally irresponsible the way that people that age often are, but most students I interacted with didn't have the luxury of treating college as a perpetual party. When I taught at a still somewhat affordable (no longer) UC school, it seemed (anecdote, not data) most students had jobs, and when I taught at a small liberal arts institution, most students were aware of just what it was costing them.
Ah, it all make sense.