First, I think it is best to ask your instructor it's purpose. Just do it in a respectful way.
Yes, I train with this drill and teach with it. This is not a typical TKD drill (typically used in Wing Chun, Kung Fu), but it compliments TKD well. Some schools do it differently, but it is designed to teach you many concepts. Here are some: Relaxation, Feeling and Flowing, forcing you to get up close and personal, quickness, how to use your eyes less and other senses more...
You see, all drills do not offer instant gratification, like "you do this and your opponent will be thrown to the ground." Some drills are to help you to develop and understanding of concepts. By practicing this drill constantly you will learn that you must relax in a fight, not doing so makes you slow. In sticky hands your opponent will use your force against you, so you must relax. Also it will teach you that you must feel your opponent, rather than see him. The hands are faster than the eyes, but touch is nearly instant. So by relaxing and feeling you will learn to be much quicker. In the years to come you will also learn to feel when the appropriate time is to try to gain a joint manipulation or throw a punch... Keep training and you will learn to love this drill!