That said, it just pushes the question back one step. Between the Sicilian and 1. ... e5, which one requires the least amount of time to understand?
It's not either you understand it or you don't, it's a continuum. No one has mastered either opening in the sense there is nothing left to learn or no way to improve their play. Everyone is learning.
You should play in OTB tournaments. You'll find out how useful knowing theory is... I don't think it's as important as you think it is.
All the time you'll enter some line and on move 10 (or whenever) you'll no longer know what to do. Within the next 10 moves it will turn into a knife fight (so to speak) and the winner wont depend on who knew more theory at all.
Theory only helps you win a game when:
1) Your opponent blindly follows a line you happen to have memorized and ends with you being at a clear advantage
2) You not only memorized many variations, but you understand why they work, why the bad moves don't work, and you've studied entire games so you know what to do when the theory runs out.
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But there's another thing that will happen when you play OTB. Not only will you get to move 10 and realize none of it mattered because now neither of you know what to do, but sometimes your opponent will leave book early, on purpose, with "nonsense" moves or ridiculous sidelines that aren't supposed to work. Again at some point in the middlegame there will be a critical position, you'll do your best to figure it out, and the result of the game will hinge on moments like that which have nothing to do with the opening.
In general Sicilian has more theorie to learn because of enormous number of variations,
The sicilian is a lot more flexible though in general, it tends to follow the same general game plan and high quality moves can very often be found over the board. The double king pawn opening meanwhile forces you to be familiar with all kinds of different openings from the Scotch to the King's Gambit to the Guioco Piano and of course the Spanish Torture - the Ruy Lopez.
I think the Sicilian just got a reputation for needing to know a lot of theory for due to specific sharp lines or stupid people learning reams of variations to try to force the dragon to still work against white's common sense moves.
This almost might make you take up the Sicilian, but you might want to take into consideration that those uber-cool defenses like the Sicilian and King's Indian are VERY UNFORGIVING! Making a slight positional mistake often means the difference between 1-0 or 0-1. The double king pawn opening is lesss unforgiving in that sense.