If you mean critical theory (which is mostly what I see people blankly call theory), never. It’s a branch of philosophy that is specifically attempting to remedy institutional and even more fundamental problems with our ways of knowing. Hell, most people who read it already are barely qualified to situate the critiques in context. Critical theory is for people who have already become familiar with math, philosophy, a coherent degree of history, great works of art, are up-to-date in the sciences, and interested in correcting the kind of errors in thinking that lead to corrupt governance, economic failure, war, and genocide.
It isn’t ‘posh’ to read theory, but it’s not a democratic mission, either. It’s scholastic and primarily academic. If we want to put it to use, we have to recycle the ideas into popular forms of art, translate them into common parlance and make consistent efforts to spread those values, and live in ways that make plain the truth those works make methodical cases for.
You’re not wrong, though. Antiintellectualism is in ascendancy, and it’s more acceptable than ever to say “thinking just is not my cup of tea”. It’s just that reading Adorno or Butler is a bad indicator.
The only version of this that isn’t absolutely weird in the US too is in cases of divorce with kids. The most common version would be the kids spending weekends with one parent and workweeks with the other, but it’s also not unheard of for the parents to rent a weekend apartment for themselves and leave the kids in one place.
Your friend is just rich and has a lot of other rich friends.