Is the genetic term "polycistronic" still used in modern biology?
Yes, it's still used.  

If you search Pubmed for "polycistronic", it offers you a chart showing the counts of the term by year (top right). Downloading the CSV and making a chart shows that it's never been a very common term, but it's still used. I suspect, but don't have time to check, that if you were to divide the use of the term by the number of published papers by year its use-per-paper would be pretty much a flat line.

Edit, re-reading the question, it may be about "cistronic" as opposed to "polycistronic". "Cistronic" is also still used, but not nearly as often as "polycistronic" -- 13 times in 2018 to "polycistronic's" 81.