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We had a demonstration at our club a couple of months ago of a rose engine, not quite as ornate as this one but seemed just as complex. I think the demonstrator was Garry Marlow. So I guess the answer is yes people still do such work.
The flute maker Robert Bigio uses a vintage rose engine to decorate the crowns of the flute headjoints. I went on a course and made a baroque flute with him.
You can see some of his rose engine work towards the bottom of this page.
Google ornamental turning & enjoy the pieces you see. I have plans for a rose engine made from mdf but lost my sight before I got round to making it. You can make some beautiful pieces.