I think a 1-1 is highly valuable when there is a specific issue but weekly 1-1s are usually not; if you have a specific issue you want a 1-1 immediately you don't want to wait a week for it. One week you might need a lot from your manager, you might not need anything for two months in some cases.

I had one exceptionally bad manager who used 1-1s as a weapon to gaslight developers. When we compared our notes it was clear he would tell one thing to one person and one thing to another person. I started on Paxil, finished the project, and got out. More commonly it is an unproductive meeting that's not harmful but not the best use of everyone's time.

Being in a team is about shared reality. You don't want to waste people's time in excessive meetings, but you do want enough collective communication such that everybody in a team has a sense of the overall situation and feels like they're part of something bigger than themselves.