Its fairly well accepted in psychology circles. It’s taught in psychiatry as well since there is overlap. However it seems a lot of psychiatrists(depending on the school and professor of course) tend towards the biochemical imbalance theory.

It’s partially due to criticisms(some deserved, others not so much) that psychiatry isn’t a valid science and in attempts to thwart those accusations the psychiatry school of thought has heavily leaned into neuroscience/chemical imbalance theory and veered away from psychology. IMO psychiatry functions best for patients as a combination of both.
This is just my observation though, so take that as you will.