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there is no rebate on disband of levies but 50% for SAU (14.4.2)
in practice levies often gain a large allocation of XP when raised, key here are buildings, overall military experience and the military stat of any governor.
the speed they gain from combat is glacial
now whether they are worth keeping into peace time is very situational. If you have plenty of cash then less incentive to disband, clearly if you are short of cash strong reason to disband.
In general my mindset is to build as big a cash mountain as I can in peace as sooner or later you are going to get into the sort of war that triggers medium war weariness (which really hurts) or a low admin ruler (and thus high court costs). There are ruler traits as well that really hit you.
I've only rarely seen my levies get over 2* of experience, I've often had SAU at 4* or better. The point is the former can also be achieved by judicious recruitment.
But its not hard wired, the game suggests not keeping levies and in the main that is a sound way to play. It doesn't force their disband leaving it to your judgement
I tend to hire mercenaries either on a very short term basis or when they are actually cheap (slinger and javelin skirmishers are good VFM)
Early on the ceiling tends to be manpower and metal, later, its more often money due to the price of perpetual war.
Despite being a bit mentally exhausting, the constant war was actually a pretty good way of learning the combat mechanics and managing the effects of expansion.