That's likely to be true even if/when we improve "music theory" to cover much more than 18th century European harmonic forms.
It’s like design patterns for music. Not necessarily prescriptive (it’s your music, do whatever you want), but helpful for reducing music into something more concrete.
It has helped me a lot in learning (classical) music. It’s also kind of like watching a sport where you understand the rules vs. one you don’t - knowing the “rules” helps you engage more, and peek into the composer’s mind, or give you ideas for your own compositions.