This is currently the approach used by my daughter's school (and a lot of others in Tennessee), dual enrollment. She has some high school classes and takes a few others at the local community college.
Next year she will be a senior and have one morning class at her high school, and the rest will be college. She should finish her Associate's (2 year) degree two semesters after graduating high school.
Some more academically gifted students have managed to graduate high school and finish their two year degree simultaneously.
1) Pointless if you want to go to a top school. I don't go to one, so
2) Most dual enrollment programs restrict what coursework you can take. Near zero intersection with my CS coursework, though I did get my general ed requirements done.
3) It's community college, it's not something you can put on a resume.
With the credits I got I'd need to do a heavy schedule to graduate even in 3.
I agree with @akhilcacharya and had the same reasoning (ended up not doing the AA in high school for the same reason).
More restrictive set of courses for the AA means you're taking classes you don't enjoy for a requirement you don't need. The "name value" of a community college AA also isn't as great, particularly for kids who want to go to a higher-ranked public or top private university for undergrad.
That being said, if you know you want to go to a local/state school where the credits will transfer easily, getting the AA early can be great. I know people who graduated early but still received all 4 years of scholarship money (direct deposited in their bank).
Next year she will be a senior and have one morning class at her high school, and the rest will be college. She should finish her Associate's (2 year) degree two semesters after graduating high school.
Some more academically gifted students have managed to graduate high school and finish their two year degree simultaneously.