Conscripts are now good only in early game and with Molotov upgrade; totally useless in late game.
I think there's just a mind trick people fall for when using their conscripts. They'll see their conscripts dying in hordes and think the situation is a lot worse than it seems, however this is not the case. In late game if 11 of your Conscripts die for every 2 of their Panzergrenadiers, you may feel discouraged and feel conscripts are too fragile and think a massacre occurred.However, you should realize you just won the manpower war, as 11 conscripts are cheaper to reenforce than 2 Panzergrenadiers. I cannot stress this enough. The conscript initial cost is also cheaper and they have no upkeep.
Also, even though conscripts are frail, they happen to take an extremely long time to suppress if they are sitting in green.