I have a BFA in illustration and so here's how it went (my BFA was traditionally done PS, so it was all painting)
-My final project was my Thesis project, it was both a series of paintings and a paper, since it was required all sr projects have a paper by the University (so I wasn't an "Art School" like other's, mind was an art school within a university, so I have a sort of different experience than other art schools like CalArts) I chose the thesis project myself, mine was a children's book based on Tycho Brahe--meant I had a lot of science and history to write about, and also lots of art to draw about.
-Critiques were done by the professor as well as the class. So the professor would start the critique, and then any students that wanted to offer any advice would do so as well. These were not as stressful as getting critiqued from random strangers, since I practically lived at the art college, so my peers were like family. You get used to them, and they were super valuable. Occasionally you'd have a rude teacher, but the nice teachers balanced it out, and were honestly just trying to help us do the right things and typically knew the right things to say because they knew us so well on a personal level (especially by the Sr year). It's not like online critiques where they don't really know your background and are just like...well here's my opinion hope it helps.