Yes, the wisdom and philosophies of Socrates can most certainly be applied to today's ultra modern and technological society. Socates' philosophies and wisdom are broad ranging and far reaching, and even though they were developed in a time of little technology, they can be adapted and reinterpreted for today's society.
The so-called Socratic Method is an important precursor to what today is termed the Scientific Method. Socrates proposed coming to greater understanding of something by proposing questions that gradually eliminate incorrect assumptions. This type of reasoning continues into scientific inquiry, much as a hypothesis is proposed and incorrect propositions are disgarded through falsifiable experimentation.
Socrates has perhaps never been more relevant than he is today. He was the original gadfly, challenging politicians as they led their nation into total destruction. He had the courage to fight the majority when they were wrong, his own trial became an opportunity to show them the truth. Instead of listening, the demos chose to kill him.
I personally think that the recapitulation theory is not a significant theory on art criticism because it is theory that has affected the artwork in the past. I personally think that the recapitulation theory is not a significant theory on theory but it has affected most artists as well as their artwork.
I believe the wisdom of Socrates can be important and people should remain to study him, but I believe people can survive today's world while being blissfully unaware of his wisdom. I believe the world of today would be very strange to our past philosophers. I do not believe their wisdom is as helpful as it use to be.