Describing lift as the result of "equal transit time" on both side of an airfoil is widely found in technical books and articles for general public.
Is it taught this way in flight schools?
Please note that the question is not about aerodynamics itself, but about what is (or was) usually taught to pilots. In particular: are (were) pilots provided with the limited view of the lift as being mostly due to the equal transit time constraint, a theory widely encountered in general public literature, but which cannot explain how a symmetric airfoil works. The two theories provided below are just concrete examples for illustration of what can be found in general public literature.
Theory of lift from equal transit
Some people explain all aerodynamic lift by the differential of pressure between lower and upper sides of a wing created by Bernoulli principle. They say:
Air has to move a longer distance on the upper side because of the curve of the profile (not correct for all wing profiles).
Both sides must be traveled in an equal amount of time so that air molecules that were nearby ahead of the wing, will meet again behind it (may be right or wrong.)
From those assumptions, they infer this way:
Air on the upper side must travel faster than on the lower side because of the difference of distance to be traveled.
By Bernoulli's principle accelerated airflow has lower pressure.
Pressure is then lower on top of the wing, and higher on bottom.
Hence the wing receives a force which has a vertical component upward. This component balances the weight of the aircraft, and allows to stay aloft.
Such explanation, -a one that is very often used, including in aviation books- is a misconception. NASA explains that if lift is computed from fluid laws, based on airspeed on both sides of the airfoil, the result will not be in line with what is observed in real life.
This theory cannot explain why a symmetrical airfoil works, or how an aircraft can fly upside down.
NASA, identifies it's clearly an incorrect theory.
Theory of lift from downwash
To simplify, let's say the wing is traveling horizontally in the air.
The wing, because of the angle for attacking the airflow, and also because of its camber, moves the air vertically, first upward a little bit and then downward in a greater quantity.
From that, advocates of this theory infer:
The airflow exerts a downward force on the air around the airplane, like a ramjet that would be vertical.
According to Newton's 3rd law of motion "when one body exerts a force on a second body, the second body simultaneously exerts a force equal in magnitude and opposite in direction on the first body".
Hence there is a reaction pushing the wing upward (like the ramjet is pushed forward), and creating the lift.
All details of lift are difficult to explain accurately. Lift involves both acceleration and downwash, in a ratio variable with airspeed, angle of attack, and airfoil.
As pointed out by ratchet freak, there is a good discussion on lift theory in the Physics forum.
Also Bernoulli vs Newton is a good starter on a search engine.)