Answer:
I believe its both. For example, if you read through books, depending on what type of book it is, you'll get something different out of it, When it comes to fictional books or when you read to unwind, the experiences you go through while reading it can make a big impact. Otherwise, if you're reading a personal development book, applying the lessons you learn in it is equally beneficial. Knowlegde can be learning how to deal with different people and believe it or not, I think that is something you can learn while reading almost anything.