It is still used to illustrate the relation between colors. The color wheel was the first organized system of colors.
Knowing the color theory basics and how PowerPoint handle colors will make it easier to use colors in your next presentation. You want to utilize different colors for different content and help the audience follow your communication. You need colors to create a theme that flows through your presentation.
The chosen colors will, if used right and consistently, help enhance your message. Colors are just as important as the content of your presentation.