First, having a degree has nothing to do with knowing C++. I know several people who graduated from CS without ever writing more than 50 lines of C/C++. CS is not about programming (in the same sense that surgery is not about knives), and it certainly isn't about individual languages. A CS degree requires you to poke your nose into several different languages, on your way to somewhere else. CS teaches the underlying concepts, an understanding of compilers, operating systems, the hardware your code is running on, algorithms and data structures and many other fascinating subjects. But it doesn't teach programming. Whatever programming experience a CS graduate has is almost incidental. It's something he picked up on the fly, or because of a personal interest in programming.
Second, let's be clear that it's very possible to have a successful programming career without knowing C++. In fact, I'd expect that most programmers fall into this category. So you certainly don't need to learn C++.
That leaves two possible reasons to learn C++:
- Self-improvement
- Changing career track
#2 is simple. If you want to transition to a field where C++ is the dominant language, learning it would obviously be a good idea. You mentioned graphics programming as an example, and if you want to do that for a living, learning C++ will probably be a good idea. (however, I don't think it's a particularly good suggestion for "insights that will help throughout your live as a programmer". There are other fields that are much more generally applicable. Learning graphics programming will teach you graphics programming, and not much else.)
That leaves #1, which is a bit more interesting. Will you become a better programmer simply by knowing C++? Perhaps, but not as much as some may think. There are several useful things that C++ may teach you, but there also seems to be a fair bit of superstition about it: it's low-level and has pointers, so by learning C++, you will achieve enlightenment.
If you want to understand what goes on under the hood, C or C++ will be helpful, sure, but you could cut out the middle man and just go directly into learning about compilers. That'd give you an even better idea. Supplement that with some basic information on how CPU's work, and a bit about operating systems as well, and you've learned all the underlying stuff much better than you would from C++.
However, some things I believe are worth picking up from C++, in no particular order:
(several of them are likely to make you despair at C#, which, despite adopting a lot of brilliant features, is still missing out some that to a C++ programmer seems blindingly obvious)
- Paranoia: Becoming good at C++ implies becoming a bit of a language lawyer. The language leaves a lot of things undefined or unspecified, so a good C++ programmer is paranoid. "The code I just wrote looks ok, and it seems to be have ok when I run it - but is it well-defined by the standard? Will it break tomorrow, on his computer, or when I compile with an updated compiler? I have to check the standard". That's less necessary in other languages, but it may still be a healthy experience to carry with you. Sometimes, the compiler doesn't have the final word.
- RAII: C++ has pioneered a pretty clever way to deal with resource management (including the dreaded memory management). Create an object on the stack, which in its constructor acquires the resource in question (database connection, chunk of memory, a file, a network socket or whatever else), and in its destructor ensures that this resource is released. This simple mechanism means that you virtually never write new/delete in your top level code, it is always hidden inside constructors or destructors. And because destructors are guaranteed to execute when the object goes out of scope, even if an exception is thrown, your resource is guaranteed to be released. No memory leaks, no unclosed database connections. C# doesn't directly support this, but being familiar with the technique sometimes lets you see a way to emulate it in C#, in the cases where it's useful. (Obviously memory management isn't a concern, but ensuring that database connections are released quickly might still be)
- Generic programming, templates, the STL and metaprogramming: The C++ standard library (or the part of it commonly known as the STL) is a pretty interesting example of library design. In some ways, it is lightyears ahead of .NET or Java's class libraries, although LINQ has patched up some of the worst shortcomings of .NET. Learning about it might give you some useful insights into clever ways to work with sequences or sets of data. It also has a strong flavor of functional programming, which is always nice to poke around with. It's implemented in terms of templates, which are another remarkable feature of C++, and template metaprogramming may be beneficial to learn about as well. Not because it is directly applicable to many other languages, but because it might give you some ideas for writing more generic code in other languages as well.
- Straightforward mapping to hardware: C++ isn't necessarily a low level language. But most of its abstractions have been modelled so that they can be implemented to map directly to common hardware features. That means it might help provide a good understanding of the "magic" that occurs between your managed .net code and the CPU at the other end. How is the CLR implemented, what do the heap and stack actually mean, and so on.
- p/invoke: Let's face it, sometimes, .NET doesn't offer the functionality you need. You have to call some unmanaged code. And then it's useful to actually know the language you might be using. (if you can get around it with just a single pinvoke call, you only need to be able to read C function signatures on MSDN so you know which arguments to pass, but sometimes, it may be preferable to write your own C++ wrapper, and call into that instead.
I don't know if you should learn C++. There are valid reasons why doing so may make you a better programmer, but then again, there are plenty of other things you could spend your time on that would also make you a better programmer. The choice is yours. :)