With proper management of your playsheet and personnel you can utilize the situation to get invaluable reps for your lower units without embarrassing the opposing players or exposing anybody to injury unnecessarily injury.
Back in the day when Nebraska was still good enough to rout people regularly, Osborne would send in the 2nd teamers and call pretty much the full gamut of running plays, with a short pass or two mixed in. In the last 8-10 minutes the freshmen and walkons would go in, and run base concepts as a building block for the future.
Bill Synder had a different approach; he would send in his backups and run the offense full-bore, just as he'd expect them to play if called upon in crunch time. Eventually the freshmen and walkons would go in, and the offense would stall, but sometimes things got pretty ugly before reaching that point.
Either works, but personally I am not a fan of asking your kids to run into a pile and risk injury just to burn clock. Even a blowout in a 3rd-tier bowl is an opportunity for experience that cannot be replicated in practice. Put it to use, and give your backups something to play for.