I work in industry and teach SE part-time at one of the world's top universities.
Yes, we teach UML because it is the most widely used modeling language. It features many profiles for specific domains and there is a range of tools to choose from.
Embedded systems, avionics, motor vehicle, telecommunications systems are heavily modeled using UML and related techniques. Industrial control systems less so, but there are areas where they are being used more and more. In the commercial applications space, there is much advances to be made.
The use of modeling is a core feature of most engineering disciplines but only recently becoming a part of software engineering methodologies. A crashed program is easier to recover from than a bridge that crashes into the water or a microwave tower that comes crashing down in the first big winds. So the demand for modeling is going to take a while to become a "must have" in SE.
So if you want to work at the next Facebook then UML is probably not going to be important. But if you want to work at Boeing then you'll be needing it.