As someone who just finished qualifying exams for a PhD program (in history), I agree with your assessment somewhat. However, I wonder if you're not too quickly discounting their value. You might consider the value of studying material for the exams. You may end up seeing old ideas in a new light and may find your notes useful years down the line for teaching.
Seconded.
Even though better pedagogies might exist--that, say, require you to do the memorization at the same time as doing something that involves more in-depth thinking and learning--you have to be there and do the exams anyway, so it's best to see them in a positive light, which will hopefully increase both your ability to pass and your ability to get something out of them. The information IS a valuable tool, and seeing it as such will help you use it.
And, certainly, rote studying is FAR better than coasting by on one's enormous intellect--at least, if one doesn't have anything better to do.
As someone who just finished qualifying exams for a PhD program (in history), I agree with your assessment somewhat. However, I wonder if you're not too quickly discounting their value. You might consider the value of studying material for the exams. You may end up seeing old ideas in a new light and may find your notes useful years down the line for teaching.