It's an open question whether studying religious studies and theology can make someone more spiritual and moral. For some people, however, this is simply their true calling and they can't imagine any other career.
Though they're often lumped together and can be taken as a single degree, religious studies and theology are distinct subjects. Religious studies examine multiple religions, their development, the differences and similarities in their philosophies, and their practices. Each is evaluated as objectively as possible, including by using tools from anthropology and sociology.
Theology is far more focused. It is literally the study of the divine, usually from the perspective of a particular doctrine. Many students earn a bachelor's degree in theology as a prerequisite for entering a seminary or divinity school run by a particular church.
There is considerable overlap between the two degrees. Both include intensive study of the Bible, ethics, and philosophy. Students of either theology or religious studies have to be disciplined thinkers, capable of large amounts of reading and carefully structuring an argument. Theology students, in general, are expected to have a high degree of empathy and be comfortable around people, including those from different cultures and backgrounds.