It's still necessary so long as anyone feels it puts a target on their back.
Because that's the point, to tell people they are accepted and loved. There's really no point where that stops being necessary.
That heavily depends where you are, what your support looks like, and of course, what your internal resources are. The point of coming out is both to live your life authentically and to improve all LGBTQ+ people’s safety and fulfillment by improving visibility and thereby acclimate the rest of the world to our existence. I don’t know if it was always a “celebration”—certainly for many of us it has been a fight—but it’s still worthwhile.
Each of us has to evaluate our own risk factors. If coming out of exposes you to more danger than you can sustain, then don’t do it. I have been assaulted (without real injury), been called names, and had death threats. I don’t like those things but I don’t regret being out.
It puts a target on our backs if there is an obligation or peer pressure to come out on that day, which I don't think is the case.
It depends on where you live.
If you feel you live in an area where it would put you in harm's way, it might be it would put a target on your back.
If you feel the area you live in is an open-enough area to where your physical and mental wellbeing would not be severely at stake, then maybe it wouldn't.
In the end, we cannot make this decision for you, but just know it is not a cut-and-dry answer. Some places if you come out you would wind up dead within a week; other places it would be something to celebrate as it is intended to be. Most places I imagine are somewhere in the middle.
It entirely depends on where you live and the atmosphere of that place.
I'm not super familiar with this day, they don't have it in my country, but I think most of the time with these types of things the idea is mostly to get people talking and thinking about it so that when people do decide to come out then people have already thought about how they should react and how to offer support.