From what I've seen, I wouldn't say that it's the
preferred platform. It's popularity is waning, and the trend is moving to newer, shinier technologies - for many good reasons.
On the other hand, a big portion of the web is built on PHP, legacy as well as greenfield projects. The language has continued to evolve, for example, PHP 7 with stricter type checks, syntax sugar, significant performance improvements.
Looking at Stack Overflow's popular technologies survey ¹, PHP is among the classics, along with Java, Ruby, Node.js, C#, Go.. It's not going away any time in the foreseeable future.
There's a market demand that PHP fills. There are a ton of PHP developers around the world to hire from, and it has its strengths (as well as justified criticisms). It's probably the easiest way for companies who have little to no web development experience to get started.
¹ https://insights.stackoverflow.com/survey/2019#technology