Some aspects of low visibility operations that PicMA was originally developed to deal with have been addressed by the availability of autoland systems and head-up displays for Cat 2 and 3 conditions. These operations have become generally much safer as a result. But Cat 2 and 3 approaches with autoland account for a minuscule minority of approaches.
However nearly all landings today still follow approaches made visually or using Cat 1 or non-precision facilities. Almost all approach and landing accidents to modern "automated" aircraft happen for the same reasons that PicMA was developed to overcome over 60 years ago.
Furthermore, it is clearly not only known limited visibility that causes problems. The need for more effective monitoring and better overall flight management by crews is of great concern. Mandatory CRM training has had very significant benefits but is incapable of completely resolving these aspects. Recent events with some of the most advanced aircraft demonstrate exactly this point.
So no, automation and CRM training has not rendered the concept out of date.