Depends on the kind of game. If a newer game (usually some kind of indie title) is a shorter game trying to go for a more old-school 8-bit/16-bit/arcade-style of gameplay, then lives are perfectly fine. It's part of the challenge to avoid running out of lives so you don't have to redo a level, and when a level can be completed in 5-10 minutes, that's not a big deal.
But in any sort of larger-scale game, no. Save points and/or checkpoints should be the norm. Nobody would enjoy losing hours of progress just from running out of lives. That's why finite lives has never been the norm in any sort of RPG or open-world title. Even in a game like Halo that has discrete levels, those levels can take an hour or more to beat, and having to clear those levels with only, say, three or five lives could be tedious (though it would make for an interesting optional "arcade mode").