Yes, poetic license is still acceptable, because people should still be able to interpret things as they see fit. Poetic license is the human interpretation of a set of facts, or a piece of literature in front of them. There are many reasons why the exact rules, or the exact words as written, might not apply. People have a right to modify things to their situation, or bend the rules if the rules need to bend, and that is called poetic license.
The use of poetic license has been controversial at times, but it's still an acceptable and useful storytelling tool. Writers and filmmakers should make it completely clear when they're using poetic license to avoid confusing people though. That's the point where poetic license becomes controversial and far less effective than intended.
When one is creating something, there must be the freedom to allow it to come into being without too many rules, even though the rules are known. So someone who is writing needs to be able to take poetic license to make connections between words or concepts others might not think of.
Poetic license is often used when writing memoirs, or other autobiographical works. It goes without saying that it must be used in this type of writing. When a person writes about events that occurred in the past and includes conversation within that narrative, we have to assume that the author took poetic license, because no one can ever remember everything he or she said, verbatim, or did. When reading, it's always important to remember that what you're reading can't be completely accurate or the way it happened exactly. Poetic license allows authors to write text that is more engaging and interesting. They should, however, always attempt to be as accurate and truthful as possible.
Poetic license, where people take a work, redefine or re imagine it in some way, and produce in context, is still accetable (sic). How stale our culture would become without the constant push of artists to redefine, absorb, and give back. Poetic license is proof that people are listening and what you are producing has value.