Its still occasionally useful e.g: when prototyping a large diode matrix* on stripboard - but for your sanity, don't build it fully sandwiched in case you make a mistake or damage a diode. Instead, for the top cross connects use the thickest tinned copper wire you can solder through drilled out holes without breaking the strips, bent to form a leg either side of the matrix, with all the diode top leads formed to hook over the wires. Stagger the legs in two strips either side of the matrix to allow for track cuts, and fly-wire them back to the rest of the logic.
* One possible application would be as a decoder for a multiplexed starburst display. Drive 1 of N lines of the matrix and directly hook the other side of it to the 14 or 16 segment pins. I've built a 7 segment HEX decoder in sandwiched cordwood, which is why I do NOT advocate sandwiched cordwod construction any more!