I would say that “valedictorian” is pretty meaningless, since it is a title bestowed long after college applications are due. However, I think class rank - if/when it can be determined by admissions offices - is increasingly important.
Among the top students there is “bunching.” Better test scores, thanks to prep. Better GPAs, thanks to grade inflation. Even better extracurriculars. So how can colleges tell who is truly excellent? I think that comparing students within the context of their own class is one of those ways.
Even if the school doesn’t rank, there are ways - by comparing applications, the school profile, and others - that colleges can make informed assumptions about where a student ranks. And I think being at the top of your class is one of the few ways left for colleges to distinguish among the “bunched” applicants at the top.