About 2/3 of NHL players were drafted in the first three rounds. The remaining four rounds and undrafted players (that account for about half the remaining number) are fighting for the remaining scraps.
For fun, best 5th round picks in Blackhawks history:
Andrew Shaw - 5th round (139th overall) in the 2011 NHL Draft
Marcus Kruger - 5th round (149th overall) in the 2009 NHL Draft
James Wisniewski - 5th round (156th overall) in the 2002 NHL Draft
Kyle Calder - 5th round (130th overall) in the 1997 NHL Draft
No pick is invaluable but obviously some picks are more valuable than others. Aside from those, it's basically a graveyard of players nobody's heard of. Isaak Phillips on the current roster was a 5th round pick, we'll see where he goes from here. Nice thing about Beauvillier is with the Hawks remaining retention slot, he can likely be flipped for a higher pick at the deadline for a higher pick where he could have some value to somebody as a depth guy