OH YES ! It still yields the highest contrast so the best legibility. Anything else will have a lower contrast (especially on a tinted background), and must compensate with other aspects (like size or weight) to compensate for that loss of clarity and attention.
There's only one exclusion to this rule: bright yellow text on a black background trumps black on white or vice versa. Bright yellow has the freakish feature to stimulate not just the rods (the eye nerves which are sensitive to light) at almost their maximum level, but the cones as well (sensing the color). So this format yields the best combination of contrast and attention.
To top it off, I have this wonderful photo for you, showing how using wrong typography can state the opposite. Due to the less clear "B" the title claiming "BUITENGEWOON" (meaning "Extraordinary") can be read as "UIT EN GEWOON"(meaning "Out and Ordinary") !
Not to mention the totally illegible outlined address at the bottom...
Oorspronkelijk geplaatst op Quora: Is there a reason to still use black text on white backgrounds?"