It's not deprecated in its behavior, but its design may have performance issues. For example, linux epoll() documentation states:
API can be used either as an edge-triggered or a level-triggered inter‐
face and scales well to large numbers of watched file descriptors.
Since the efficient alternatives are specific to each operating system, an option better than directly using select() is to use a cross platform multiplexing library (which uses the best implementation available), examples being:
If you're developing for a specific operating system, use the recommended implementation for high performance applications.
However, since some people don't like current libraries for I/O multiplexing (due to "being ugly"), select is still a viable alternative.