I think it still matters quite a bit, but the race to have the top class and that sort of thing is probably a huge waste of resources at this point. It used to be the greatest indicator of future success, if you had a top recruiting class you were not guaranteed to a win a championship, but pretty much all championship teams had high ranked recruiting classes.Recruiting has become pointless.
It's certainly not that important now, but if you look at the teams in the playoff you still see for the most part those teams had good recruiting classes. A couple, notably Indiana did not though.
I think the key is more trying to be balanced. Instead of aiming for the top recruiting class and the most expensive recruits, trying to be top 10 in portal and top 10 in recruiting is probably the sweet spot. Developing those relationships and evaluating those players can pay off, so I don't think you want to abandon it.
For instance, Texas Tech, Miami, Ole Miss, and Oregon were ranked 2-5 in the portal rankings. That's three of the four remaining teams! If you go by blue chip rankings though, it's #1 Alabama, then Ohio State, Georgia, Texas A&M and Oregon. Those were all playoff teams.
Oregon seems to be a school that's found a nice sweet spot there, by doing both well (doesn't hurt when you have Phil Knight funding that).

