It depends on the school. The ones where the students are still in charge are mainly run as student activities. The stations are located in the student center, where non-academic activities take place. That can be a pretty expensive club. If the station is meant as an instructive activity, where students are taught the business, then the station is more professional, with experienced staff running the station. and students provide support. But the idea of training students strictly to be DJs is obsolete. That may have been useful when DJs actually cued up records. But it's become more computer based, so broadcast training is more about the convergence of art & technology. Audio production, podcast creation, or social media involvement. I don't know the relationship between the college and KKJZ.
There are lots of jobs in radio and audio. If you broaden the view from physical radio stations to Sirius, Spotify, and Apple, there are more opportunities than there were 40 years ago. But those opportunities are more complicated than simply playing your favorite songs in a non-commercial non-competitive environment. Unfortunately the old view of college radio doesn't really provide the kind of useful training students need. Very few of them go on to careers in the business, because they didn't get exposed to the parts of the business where they can build a career.