Is ELK stack still relevant?

I'm curious to know, is the ELK stack still a relevant tool in today's landscape of data analytics and logging? With the emergence of newer technologies and platforms, have its capabilities been surpassed or does it still hold a significant place in the industry? Is there a particular use case where ELK remains the go-to solution, or has it become more niche? Additionally, are there any notable drawbacks or limitations to using ELK that potential users should be aware of?