The answer to this question is generally, yes. The label, in general, still exists for those who want to be signed by one, and the label's presence has significant impacts on what artists can, and cannot, do with their music. Labels have a huge network of industry contacts which they can use to help promote your music. They also have the financial resources to invest in marketing and promotion, which can be costly for an artist. When it comes to radio airplay, commercial sync licensing (for TV commercials, movies etc.), and even just selling CDs or digital downloads, getting streaming contracts, having a major label behind you gives you a huge advantage.