There are lots of things more immediately valuable than badly-learned languages. But languages learned well seem to measurably improve a person's cognitive performance. IT improves memory, creativity, staves off mental aging, &c.
http://panglott.blogspot.com/2011/06/bilingualism-brain-heal...
But these utilities really don't justify the classes and resources on their own... If we want high school to produce the greatest amount of utilons, we should be explicit about that, but then many many things will need to change. I believe English should be the world language, there's no practical reason to teach anything else at the expense of other more practical things to teach (like programming), especially in English speaking countries. If we want high school to more approximate what Universities used to represent, such as encouraging more Intellectualism (which I don't think is all that great, at least society-wide, from a utility perspective...), we should be explicit about that too, and again things will change. You might want to have students study French, Greek, Latin, Lojban, etc. for at least 2 years each because of Intellectualism -- but you may also want to balance that with more modern things like deeper computer science or math or physics, which won't help most people in their future lives either but can at least be fun and intellectually interesting for people who want their Intellectualism a certain way. Or we can try for a mix, but I'd propose that our current system is a mix, and other mixes will inevitably resemble the current system by being one-size-fits-all and not work too well. So if we want both, separate. Bring back trade schools and let young teenagers wholly uninterested in purely intellectual pursuits get to doing more interesting things like building a house or building JavaEE applications, and let the intellectuals do their thing without constantly having to waste time and energy rationalizing some vague utility and relevance to their proof-carrying code research.