Does camouflage really helps in modern air combat? Aircrafts engage each other mostly on beyond visual range distances, and dogfighting in kinda rare now. Also, HUDs should assist in tracking of targets and highlight them, so camo will make no difference. The only use for camo I can think of is to hide the aircraft while it's stationed on the airstrip - in a relatively vulnerable position.
dogfighting in kinda rare now. This is true, now. In large part because the USAF dominates the air so thoroughly that opposing air is toast the day the war starts. This may not always be so.
Apparently, there was a NATO exercise in Norway a couple of years ago where the US expected the same tactics to be used and hence to easily achieve air superiority. However, the opposing force moved their radar and missile systems around, used the terrain for cover, performed feinting maneuvers by giving the impression that the air defense systems were located in different locations and also obverved using mobile observers on the ground. Apparently, the US lost the air battle spectacularly.
Imagine a military conflict with an enemy that doesn't follow conventional doctrine like this. It's very hard to extrapolate from history how things are going to play out. A large-scale war with today's technology is going to look a lot different than the assymetric warfare the US currently seems to be optimizing for.