Edited this to add make another point. UML is used for design which is like creating blueprint for your software. A simple analogy will be like designing and reviewing the architecture diagram for a house/building before actually constructing it. It acts as a medium for communicating, thinking through and challenging the design. When finalized it then becomes the blueprint - reference point for then building your software.
UML isnt used for OO database design. It is used to model different design of the software. For example you will use Use Case to capture system boundary or actors/users interaction with the system. This design helps to capture user requirements. You use static diagrams to model class and their relationship. You may model interaction using sequence diagram and it is extremely useful in IMHO.
Ok, now back to answering your specific question. If you are working on small assignment and single person project, yes you can argue that the UML isn't going to add much values. In real life where you have bigger team and different roles (architect, designer, BA, developer and etc) UML is used to capture and communicate architecture, requirements and design information in a consistent and standard manner. For example I may design a banking model based on requirement information and use case diagrams supplied by the designer/BA and I will transform into technical design of class diagram and capture their interaction and message flow using sequence diagram and passed on to 4 other members in my team to implement that.