It can save time but not always. An overzealous pm can really burn a lot of people’s time by over scheduling. The extra cost of setting up a meeting discourages pointless checkins and recurring meetings. I personally like being able to quickly coordinate with a calendar, but it’s important to not abuse that power.
Just don’t accept the meetings. Or even better talk to the offender and explain why you won’t be going. A bit of communication is a small price to pay for the upsides of easy scheduling