Sure, it reduces STI transmission rates, because the mucous membrane (the inside of the foreskin) gets cut off, and the exposed glans also becomes keratinized due to years of abrasion against the underwear. No mucous membranes = lower chance for pathogens to enter the body.

Now, whether these would worth the tradeoff with reduced sensitivity, surgical risks (e.g. reduced sexual function due to tight scar formation), the psychological trauma for the infant, etc. is another question.