Context-dependent. For the purpose of national defence against a numerically superior force, conscription greatly expands defensive capabilities and makes it easier to set up a capable resistance force after a succesful invasion. This increases the costs for an invader, and makes invasion less likely to happen at all.
However, for our greatly specialized and essentially small-scaled warfare, yeah, conscription serves little militairy purpose. The money is better spend in something else.
So countries like Lithuania, Finland and (to a lesser degree) Sweden? Yeah, conscription serves a purpose. The Netherlands or Canada? Not so much.