Yes, it is true, especially when discussing graduate and undergraduate college-going students. It has become a trend to study one night before exams.  A major reason for this behavior is, that

1. Students are very confident that they can clear exams if they study overnight.
2. Secondly, the approach if we talk about college, colleges focus more on the theoretical part rather than focusing on the practical one. Due to this lectures have become so monotonous, that they no longer excite the students. It’s important to give practical exposure to students by giving live projects, case studies, etc. so that they can write well based on the practical knowledge.
3. Nowadays students can easily predict what kind of Question paper will come. That’s the drawback of the education system. This thing allows students to study the selected part, avoiding the rest.

Yes, I have faced a similar problem being a college-going student. To finish the whole syllabus one night before, I am not able to grasp concepts properly and study the selected topic, neglecting the major topics.

To counter this,

We can start studying daily by picking one topic with the case study.

One thing I have realized is that practical knowledge is a must. If I want to stand out from the crowd, I need to gain something in terms of Practical knowledge.

Do not compare yourself with others. Create your own plan, and schedule and work accordingly. At the time of the exam, you will feel more relaxed and able to revise the concepts in a better way.