Electric drills definitely have good uses for modeling, but drilling holes isn't really one of those uses. But, I would still highly recommend getting a good quality cordless drill for other things in modeling. I use my Dewalt DCD710 all the time, mostly as a sanding tool for the insides of jet intakes. You can put all kinds of things in the chuck, such as round needle files, as well as hardwood dowels. What I have done to make sanding/polishing tools for use with my drill is to cut 1/4" strips of MicroMesh sheets from 1500 to 12000 grit, and I wrapped each strip, helically, around a 1/4" hardwood dowel, using 3M 1300L adhesive. I just mark each dowel with a fine-tipped Sharpie so I know which grit is which in the set of dowels. The drill has 2 maximum speeds (but the speed is fully variable by how far you pull the trigger), so I put it on the slowest speed and sand the seams on the insides of 2-piece jet intake, going progressively finer on the grit until the inside is smooth and polished, usually with no visible seam. Drills run slow enough for that task so you don't overheat the plastic (as long as you don't stay in one spot for too long, of course). Dewalt doesn't make the DCD710 anymore, so it looks like the DCD780 is its successor. Great little drill, and I use mine every day at work...as well as using it at home.
Now, for drilling holes in small things like 1/48 and 1/32 exhausts, here is what I use. I have found no need to chuck them up in anything, not even a pin vise. They are exteremely sharp and start cutting immediately, and I find it sufficient to just put the blunt end of the bit against my index finger, and just use my thumb and middle finger to twirl the bit. In my case, I'm not drilling out exhausts, but I have a method now of mounting ordnance by drilling tiny holes (usually 0.3mm) and using 0.3mm round copper beams as pins to mount ordnance with. Makes a much cleaner and more reliable/less frustrating way of hanging bombs, missiles, rocket pods, MERs, TERs, fuel tanks, etc. At any rate, these two drill sets will serve you well in your drilling adventures.
https://www.amazon.com/gp/product/B07C5S3FM2/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1
https://www.amazon.com/gp/product/B07C5PWSXR/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1