Rote memorization is certainly not the way to go with regards to education. I excelled in history and science because the way I was taught, it was mostly memorization of facts and dates that went out of my head after the test was done. I'm sure the vast majority of what I learned in both subjects even up through college courses is gone from my mind forever at this point, which entirely defeats the point of trying to educate someone in the first place.
So no, education should be more than "memorize this thing and then take a test. There, you're done." Otherwise, what's really the point?
I'd also like to add that this isn't a modern problem. It's a problem that's existed for a long time. Rote memorization has long been the standard for many subjects, unfortunately.