The first edition was my first CS textbook, back in the '90s and as a young programmer I learned a lot from it. A couple years ago, I started on a modern compiler back-end however, and found that I needed to update my knowledge with quite a lot.
The 2nd ed covers data-flow analysis, which is very important. However, modern compilers (GCC, LLVM, Cranelift, ...) are built around an intermediate representation in Static Single Assignment-form. The 2nd ed. has only a single page about SSA and you'd need to also learn a lot of theory about its properties to actually use it properly.