I’d like to see a good amount of theory here. For me - theory lets me create all kinds of lines, riffs fills and transitions that I would be less likely to stumble upon through experimentation. Experimentation, without thinking about theory, is also fun/useful. Theory also makes it easier to create lines which work well with what others in a band are playing. Things like chord progressions, cadences, etc. make it easier to create content that works.
I’ve been playing between a year and a half and two years (since I retired). Took in-person lessons for about a year and a half, realized that my main limitation was timing, counting (mixed note and rest lengths). Stopped taking bass lessons and started taking drum lessons to work on my counting, timing and rhythm. Once I’ve got those under control I’ll take bass lessons again. Still play the bass most every day - just don’t want to spend the money to take both bass and drum lessons every week. I’ve read a Music Theory for Dummies book (from the library) and taken an online Music Theory course (from Michigan State University) and am currently taking a Music Theory course from a university in Scotland. Both of these were/are free on the Coursea site.