I have to agree with civilperson, it mirrors my own situation.
Every time I was taken on as staff, I got laid off at the end of the project. It was very disillusioning. I lived through some tough curves. I chose to remain contractor but didn't stick to my guns and got burned again.
At one time, my colleagues were leaving the enginering profession for jobs in computers and networks but I chose to stay in engineering through lean times. I was tempted many times as computers are my forte. I argued to myself that ultimately engneering is a profession of wisdom, it gets easier and better paid with the years. Now my colleagues are unemployed and busted, struggling to learn new technology, new languages and all for less money.
Suddenly, I have the grey hairs now and I teach the graduates and trainees the ropes. I enjoy the deadline, lump sum cultures, find I work harder, better and relax more. My career has taken me worldwide but I still look to see if 'the penny drop' and another engineer's light gets switched on. For most of us, it happens years beyond graduating. You ask yourself all the time, am I doing the right thing, is this what I want to do? Am I doing it yet? Is this it?
HgTX is right about learning the equations as a grad but it is a tiny slice of life as an engineer; you need vision, passion, confidence and still go out there and prove your competence to the client and yourself.
Dcasto nails it, stay to finish your PE, use it as a rare time in your life that won't come again and observe actively. Possibly everything in your future will be tied to this period of your career. Or possibly not but choose.
Go with your instincts, you have a whole life, an amazing career to enjoy, whether you stay with the herd or fly with the eagle. Each have their own path.
I had a heavy academic and sheltered life and chose to get as much site experience as possible to learn how the real world uses my ideas. My numerous years of site experience drive my office-based reality now.