Only if there are ways out for the elite. Otherwise it’s essentially a defense co-op. If you believe your country is using the military in ethically wrong ways, that’s the actual problem, not the draft.

It can be a good thing.

While Canada doesn’t have it, most of our military usage is disaster relief and it comes with free education.

I wouldn’t mind everyone having to help in shelters, evacuate people, or fill sand bags in exchange for free education.

It has merits in some cases. (Eg living beside a hostile country like N Korea)