Agreed that learning from the process of past deals is essential to M&A team.
It is generally thought that a dedicated M&A team of experienced professional of the right character would make a deal smarter. A right and experienced team in place could make better judgements and maintain best practice at various stage of the M&A process such as screening target, conducting due diligence and participating in PMI. However, when the target is located in an unfamiliar industry or jurisdiction, M&A team is better work with local advisers or consultants. That is also great for learning from them.