Yes, Miss World is still relevant to today's society, because Miss World is a competition that celebrates women. It is also a way to bring people together from other countries. It is a good way to celebrate that diversity is beautiful, all over the world. The competition helps women showcase all the many things that make them beautiful.
With everything going on in the world today, I suspect status figures like Miss World, are slowly losing their relevance. Such "iconic" figures used to hold more interest with society back in the days when the world was not in such upheaval. I believe our priorities are changing. Society is looking for someone who can dramatically affect change.
Any competition that was or is about parading women around like objects has never been useful to society. It has also been about making sure women know their place and keeping them as objects for a patriarchal society that only values their beauty. The sooner these pageants are gone, the better.
Miss World is definitely not relevant to me, and to many others. However for all of the people who invest their time, energy and money in pageants such as Miss World, I'd argue that they're very relevant. The event still gets international coverage, and I assume it still has sponsors who are helping to support it.