Not any more. Now it just means that the public is involved in the selection of the ruling class, but the degree of this involvement is largely symbolic - see the US case with only 2 viable choices and the widespread gerrymandering.
That sounds good and all, but something a lot of people forget is you don't need to elect a third party for them to make a difference. Third party votes represent a block of voters ripe for cherry picking if one of the two major parties is willing to take a stand on issues that are important to third party voters.
Kings and "Nobility" were a ruling class, but we wouldn't accept them anymore. Elected (or not) "representatives" and a bunch of central bankers are another, but they're just fine.