I think it’s generally still useful.
This is IMHO a good thing. Etherpads are not really searchable. They are however still good for mass-editing during a call. I think using Etherpads for calls and then transfer them to the Wiki is the best way to go.
This simply just does not autocreate a link anymore. You can choose whatever tool you want to, including Etherpad if it fits your case. Fair, we probably should have removed the “Leave blank to create one for you” as well.
For this again, I’d say this should be documented on the Wiki after reaching a certain stage. This makes it way better discoverable.