The point is that the system is built for people who can perform well under VCAA's set curriculum and not as a means of encouraging creativity and personal/intellectual growth.
I actually disagree with the bolded part quite a lot. You can still be creative and growth within the constraints of the curriculum set by VCAA. Creativity doesn't just have to come by taking "creative subjects". You can be creative in your approach to study, how you structure an essay or a presentation or even how you manage your time.
As for personal/intellectual growth, experiencing these was inherent to my VCE experience. I have a fair few friends heading into year 12 next year, so talking to them recently has made me reflect on who I was 12 months ago. I can wholeheartedly say that I was so different this time last year. Maybe it's because it was far more difficult to see the end of school this time last year, but I think Year 12 makes a lot of people mature and gain new perspectives on various things in their lives. I have learnt that your life will never stop, especially when things seem to start moving too fast. But realising this is also okay, it has made me more focused on living in the current moment and appreciating those around me, as it is not certain that the people in your life today will be here tomorrow. This is just one small example of something I've learnt by "growing" during VCE. I think the extent to which someone "grows" during Year 12 is reflective of how involved they are. By involved I do not necessarily mean just academically. But I mean involved as engaged in all aspects of their lives - family, friends, school, the wider community, hobbies, wider global issues etc.
After all, once school is over you will no longer be nearly as sheltered. "Growing" during the year is one way to begin to adapt to the exposure you're about to experience as an adult in the wider world. It's like a gradual transition - you're slowly exposing yourself to ideas and concepts previously not considered to add to and refine what you see as important. I think this is crucial to surviving and forging forward post VCE - you're continuously developing and reassessing your own identity to match your current situation and not one that reflects what has happened previously and can never be regained.