tl;dr - it depends.
What did you do yesterday? What are you doing today? Do you have any blockers? Do you need help from anybody? These are the questions we answer in our stand up. It's short and sweet, usually not more than 5 mins for a team of 12 members. I find there is value there and the time commitment is minimal.
In my old team, we talked about anything and everything, from requirements to design to bugs. It would often take 30+ minutes, sometimes an hour or more. It wasted a lot of everybody's time. Don't do it that way.