I found exploring theory early on was a great help. I may have gotten carried away though as I started learning about chords, then intervals, then circle of fifths/fourths, the caged system as well as scale positions and modes and …… 
but I have fun doing it.
You can do both. Just assign a little time to theory after practicing. Do Justin’s free theory courses or Google for more. Then start applying a little of the theory into your practice routine. Locate any root note, its 5th and 3rd and you have a major triad. Lower the 3rd and you have a minor triad. Swap the order of the three notes and you have chord inversions! It works all over the neck.
If you look at your open chord you’ll find it is also just 2 triads (R, 3 and 5) made up of fingered notes and open notes. Before you know it you’ll be playing triads all over the neck, then partial barre chords, then …. Woah, there we go again. It’s a rabbit hole for sure.
At the very least you should learn the notes on strings 1, 6 and 5. It also helps to be familiar with chord structure (at least open chords - Root, 3rd and 5th ), and intervals and how they apply to the guitar neck.
These little bits of theory will allow you form Major and minor chords. You’ll be able to identify the notes that make up a chord as well as play scales anywhere on the neck.
If you can form a C chord A chord G chord E chord and D chord, it’s worth getting a overview of the caged system. It’s a great way to star mapping out and learning the guitar neck…….
But, that’s the trouble with music theory. The more you look, the more there is to learn and apply. Have fun. 