Yes; as far as the U.S. is concerned, you're a citizen, with the same rights and responsibilities as any other. If there's a draft, you'll be called upon.
If that were to happen, there would definitely be an upside to renunciation. ;-)
Just watch out for when both sides call a draft.
And worse, go to war with each other. It happened back in 1812 you know...
Then you are a double-agent -- for both sides.
If America would get a draft again, could a dual citizen be drafted?