I know people who've done military service in countries on the continent, and they all said it was a waste of everyone's time. Is there anything good to be said about it?
It depends how it's done - when Germany had conscription in the 1989-2011 period, it was an absolute waste of time. The conscripts did tickbox training, then spent most of the rest of the time sitting around being bored. Some were used in office and transport roles, but mostly it was lacklustre training, then going to units with no training budget and no exercises. Literally sweeping the tank park 5 days a week.
Norway doesn't do mass military conscription, it takes a small number - the highest academic and 'potential' achievers, and uses them in serious roles. Because of that the military service period is recognised by employers as being both an indication of a high quality applicant, and that the training/work itself has added to that - so it's a huge advantage in the job market, and so it's
competitive to get picked for the military service element.
In Finland it's a very serious military training regimen - their conscripts are very rarely bored and are trained to a very high standard. Finland has societal cohesion stats that are enviable...
In Estonia they follow something similar to the Finnish line, but they are also particularly keen on getting conscripts who have technical/cyber skills into their cyber/intelligence/technical units where they are both trained and productive, and they maintain a connection to those units and return regularly after they leave conscript service and become reservists.
If it's a re-run of the 1950's then it's not worth doing - for anyone's sake - but that's not the only model.