Pursuing knowledge trains your brain to not only remember information but to also make connections and find patterns. I don't care where you pursue your knowledge. If your thing is reading Entertainment Weekly and People every week, fine, but just let your brain absorb that information and then share that information with me on stage.
The most immediate effect is that by putting this information in your head, it's immediately becoming part of the hive mind of your ensemble. If I'm lacking information on the latest pop phenomenon, I know that if it's in your head, then it will be easy to get it into mine.
Training your brain to need and want information also trains your brain for good scenework. A curious mind makes for a curious improviser. A curious improviser is one who will leave no stone unturned in a scene. They will see the open door or the unresolved offer. They will pursue it, ask questions and if they can't find the answer, they will answer it themselves.
Finally, the hungry brain will be stronger at making connections than the static brain. The hungry brain will find the relationships between different subject matters...it will also find the connection between multiple scenes across the ethereal plane of improvisation. A hungry brain will remember how factoid from scene A is similar to the theme of scene B which relates to the characters in scene C. Even if its not 100 percent apparent to the audience immediately, as long as the connection is in your brain, everyone will soon benefit from it.
Don't live in a bubble. Connect ideas from different fields. Train your brain to learn and want more information. This will benefit you on a personal level but also on the stage.