Still matters, but nowhere near how it used to. When I started it was volume, whoever had the most directory links won. Now it's relevance and whether the link actually makes sense in the sentence it's in.
I tested this on my own site, stopped chasing links entirely for a year and just fixed content and intent matching, and rankings held. Adding a handful of genuinely relevant links after that moved things more than the hundreds I'd built before.
Anchor text and placement matter more than count too. A contextual link in a relevant article does more than ten footer links anywhere.
The Link Building Guide has a decent breakdown of how much weight they carry now versus a few years back, worth reading if you're deciding where to spend budget.