Well, it hasn't been confirmed but it seems it is still present in the new generation, looking at the screenshot at two happy YouTubers showing off their new shiny Pokemon they possibly made through either luck, or the Masuda Method:
So it probably is present. However,
My Illogical Theory
The Masuda Method will probably only be accomplished with two different-region cartridges, instead of two different-language cartridges. However, I may be wrong - it just seems rather nationalist for it to not. But obviously if it is then Game Freak probably meant no harm.
Hope I helped. :)