It is absolutely still rampant.
I could count at least 5 cheater encounters in the last 30 days (blatant cheaters, btw).
They try their best to isolate cheaters with a "trust factor" system but the reality is, unless you pay an external service with their own anti-cheat software (that's probably as bad as Valorant's) you will get a high amount of cheaters.
Given they have zero transparency on the trust factor system, I could have a lower factor than you (I definitely rage too much), so because of it I see them more often. But there's no way to know if I'm in the cheater bubble, or you're in the no-cheater bubble.