Is guest blogging still worth it?

Matt Cutts declared guest blogging dead back in 2014 saying that it had become too spammy yet in Moz's recent survey, guest posting was the number one link building tactic that people use.

Is it still a viable way to create contextual backlinks or is it really dead as an SEO tactic?

Sources:
http://ift.tt/1q5NyNb
http://ift.tt/1S78spM