Effectiveness means many things and depends on what the military is trying to accomplish. Protect their borders from invasion? Prevent or suppress insurgencies and/or ensure political stability? Accumulate political or economic power? Project power regionally or globally?
There are plenty of militaries (Israel for example) that are focussed on regional threats that have no interest or reason to send a carrier battle group half way around the world. Does that make Israel's military ineffective? No, it just isn't a need.