I'm currently in the program and it is very much both. We work 20 hours a week at Shopify, and take three classes per term, including the summer, at the university. We are paid a salary and our tuition is covered. At the end of the program we will have had 4 placements at Shopify, and receive a Comp Sci Honours degree from the University.
Which I think is fantastic, Universities are generally terrible at teaching practical skills and fantastic at teaching theory.