Haven’t people quoting this “proverb” ever read the Book of Proverbs?!
It’s all about prudence to the simple, knowledge and discretion to the young and impetuous. If you have ethics, you automatically have good judgment (not to mention closer Hashgacha). The more you know and remember and better grasp the principle of Divine reward and punishment, the smarter you are.
Wisdom is seeking after wisdom, and for the right reason, fearing Heaven, seeking it out like gold and silver, avoiding wayward women and men and the false-wisdoms of the seducers and seductresses. If you seek it, you will find it, and it will stay with you; it will keep you from countless pitfalls and traps, from bad company of all sorts, of the fools who despise the truth to various degrees. Hashem shields those who walk with Him! The law is a lamp at your feet, etc.
You can be greater than your teachers and the biologically older, simply by spending more time and energy on understanding the Torah!
Self-discipline is wisdom, and preserves it (and you).
All this is explicit in Scripture, give or take.
You CAN Fix Stupid!