It depends more on the type of homework, I'd say. Some teachers tend to assign "busywork" that has little purpose while consuming a lot of time.
It also depends on the amount. After spending a certain amount of homework (which is proportional to the amount of material being covered) it stops being productive. This kind of thing is hard to quantify though, especially since the amount of homework that is "enough" to make you retain information varies from person to person. And keep in mind that the teacher's goal is to make everyone understand the material, not just the top students in the class who may be able to absorb it all with minimal review.
There's also the whole other point that Quantact pointed out about your work ethic.
It also depends on the amount. After spending a certain amount of homework (which is proportional to the amount of material being covered) it stops being productive. This kind of thing is hard to quantify though, especially since the amount of homework that is "enough" to make you retain information varies from person to person. And keep in mind that the teacher's goal is to make everyone understand the material, not just the top students in the class who may be able to absorb it all with minimal review.
There's also the whole other point that Quantact pointed out about your work ethic.