Universities still encounter a theory-practice gap in cybersecurity education, as conventional curricula frequently fail to sufficiently prepare students for the open-ended problem-solving needed in professional settings. While challenge-based learning is gaining traction, there is a lack of research regarding the effectiveness of national competitions when purposefully integrated into curricula. This study assesses the educational benefit of the South African National Research Network (SANReN) Cybersecurity Challenge (CSC) as an experiential learning tool in an honours computer security course. Employing a mixed-methods survey approach, structured reflective feedback from students was examined using descriptive statistics for Likert-scale data and thematic analysis for qualitative feedback. Results indicate that the CSC was viewed as challenging but very engaging, accompanied by high enjoyment scores. Students indicated that they gained skills in independent research, problem-solving, and collaboration, with cryptography, forensics, and web security receiving the highest value ratings. The research presents multi-year evidence supporting the incorporation of external competitions into educational programs and gives direction for teachers aiming to connect theory with practice by involving students in authentic, critical-thinking-based security situations.