In my opinion it really depends from person to person based on their learning style and preferences as well as other factors like their level of motivation or their personal schedule.
You can experiment a bit with ratio of study time to playing games, but the key is to make sure you are getting a mix of both. In my case, sometimes the lines blur as my study is play and my play is study such as when I play rated games on chess.com, yet then analyze each game briefly before beginning the next game. It then becomes difficult to quantify what exactly counts as "play" and what counts as "study."
Assumptions: 15-25 hours a week to study. Goal is to improve. Rapid games with as much analysis as can be reasonably done.
Thanks for thoughts