There are still some issues but considering the current state of language, frameworks, libraries, and the ecosystem, it's very practical and productive environment to build any project.
I've been doing Typescript, Scala, and recently also Go in last few years. Scala and Go have decent language design and I'm a fan of both of them. But, when it comes to productivity and ecosystem they don't come anywhere close to PHP. If I was about to build my own web startup, I'd definitely build it with PHP because I'm sure I could launch it 10 times faster with Laravel.