When used in a disciplined way wire wrap is fine, but there are so many traps.
As stated before layout from the netlist is an important step. Only three connections per pin. Preferred layers. Signal integrity can also be maintained, but now you are adding wire track and length to the list of things to remember.
Don't use the insulation displacement wire. Sooner or later the insulation displaces somewhere where it shouldn't. First as an intermittent (perhaps even a tunneling connection), but later it gets more permanent. This can even happen with good insulation types if you accidently stretch a wire across the corner of one of those wire wrap pins. They are sharp enough to cut Teflon over time.
Verification is a PITA, best done with an ohmmeter from pin to pin since a visual check is insanely difficult. Of course you can make a visual check easier through use of multiple colors of wire, but that is yet another constraint during the planning step and another thing to keep track of when assembling.
If verification fails, or if you use fire it up and look for smoke and signals and find a problem, it is never fun to find and correct the problem. Murphy says it will never be in the top connection.
It all depends on you, your style and capabilities, but my wire wrap stuff stays in a bin somewhere in one of the storage sheds, with proto boards for really simple prototypes and laying out a pwb for more complex stuff being the way I actually do things.