I haven't heard this term being used in a good decade.

I don't know if they are still talking about it, but, since it is in their scriptures, I would guess they still believe it.



"The Book of Mormon uses the term "reformed Egyptian" in only one verse, Mormon 9:32, which says that "the characters which are called among us the reformed Egyptian, [were] handed down and altered by us, according to our manner of speech" and that "none other people knoweth our language."[4] The book also says that its first author, Nephi, was taught both the "learning of the Jews and the language of the Egyptians" (1 Nephi 1:2), that the book was written in "reformed Egyptian" because that language took less space and was easier to engrave on gold plates than Hebrew, and that there was also an evolution of the Hebrew after the people left Jerusalem.[5]"

https://en.wikipedia.org/wiki/Reformed_Egyptian