IMO this gives a much better inherent understanding of equations, rather than just plugging in some numbers into a calculator and reading what comes out.
And yes, drawing the graph by yourself is for sure the way better way to learn something. But what do we know ...
Disclaimer: I'm originally from the UK and well versed in "old school" approaches :)
The value I can imagine with generating graphs on a calculator would be trying a large number of graphs that are too numerous to print in the text book or to organize in some big table of graphs. That's also the value of a scientific calculator which is faster than looking up trig functions in tables, or a basic calculator that's faster than doing arithmetic by hand.
There are a number of scientific calculators that actually do a pretty good job at this, and they’re dirt cheap to boot.