Military presses work mostly the front delt, but on some people the side delts get worked to. One of my friends have crazy side delts, and all the ever did was barbell military presses 5x5. Personally I feel that using Dumbells instead work more of the side deltoids.
The great thing about the millitary press is that you can use heavier wights to induce myofibrillar hypertrophy, for me this is better, because when I cut I tend to lose sarcoplasmic muscle gains quicker. Using heavy weight with lateral raises is only smart if you have healthy shoulders IMO
Remember to train rear delts allot so you don't injure you rotator cuff in the long run