It is being used differently by different groups of Christians today. Word studies can be very helpful. But they can also be very misleading if not done in an intelligent manner. The same word, or different forms of the same word, often change meaning over time and in different contexts. On language alone, a careless student might conclude that the Electric Boat shipyard of Groton, Connecticut constructed small vessels.
Words represent concepts.
It is always possible for a concept to be discussed without the use of a particular word. Perhaps a metaphor is used, or the subject is understood. In the same manner, words that do occur in Scripture present concepts that may be discussed in other places without those words being used. To summarize, word studies are most helpful when we remember that the same word doesn't necessarily mean the same thing in different contexts, that words are sometimes filled with new meaning when used by new groups and in new situations, and that word studies supplement, but don't replace, other forms of Bible study. I might also add, they are most useful when we are humble enough to check our results against those of knowledgeable Christian teachers, preachers, and scholars.