Absolutely! Serve and volley still offer the same winning percentage it did 20 years ago. Statistics show that you will win 2 out of 3 points coming to net, assuming you have decent volleys and overheads.
True, in today’s game the technology (poly strings) and the athleticism of today’s players have made serve and volley not as prominent as times past. But is it that today’s players give up on serve and volley too quickly because they get passed a few times coming in? Statistics show that when players do come to the net, even in today’s game, it’s a winning percentage.