I assume the USAF (and other services) still conducts a lot of exercises...they did when I was in, participated in very many during my career..."train like you'll fight".
Had small regional exercises, the "flag" exercises (including the first "Maple Flag" Canadian exercise). Vigilant XXX, Overlord, Amalgam XXX...each had specific goals and plans. A lot of work when you are launching that many airframes, but really beautiful when it all comes together. Good times, I do miss it.
One Red Flag got interrupted by a big storm that stranded some Army troops out in the hills on the range. They had choppered in for an "assault" on some target on the range...weather closed in, so they had to quickly improvise via handheld VHF) for an overnight stay in the middle of nowhere. I was the go-between as they coordinated with their bosses back at Nellis, got everything set up for the next day's pickup, then, bid them goodnight. I was surprised when I couldn't buy a beer that next evening...nice when you get to see your efforts and training pay off, and are appreciated.