It is still releavnt today, but only advised to those who are power users and know their workload commits/peaks. As an example, I have 64GB of RAM, leaving the PF system managed Windows will set aside 64GB of SSD space for the pagefile. This is in the event of a BSOD then Windows will dump the memory contents to the PF (hence a 64GB PF), even though 0% of that could be used during normal/heavy use of the PC. If my PC never BSODs, then there's no need to have a memory dump - Haven't seen a BSOD since XP....
Those who want total control over their storage and system can set a manual page file for that reason, the min/max being fixed to the maximum committed use observed after doing a long session of heavy workloads. So in my case, even with Photoshop using 27GB of RAM and various other apps open, I saw 0% usage of the system managed pagefile, so I went ahead and set the min/max to 2048MB, saving 62GB of SSD space. Some apps (especially legacy) need a pagefile to exist in order to work, regardless of whethe rit is used or not, and 2GB is nothing really.