Yes, and for that very reason. Graeber puts armies and advertising in the same category in his Bullshit Jobs book, in fact, which was a lot more interesting a read than I was expecting from the title. IIRC he considers that one of the easier-to-understand categories and doesn't spend a ton of time on it. One side spends, so then the other side has to, now both are about as well off as if neither had increased spending.