I wouldn't call it "obsolete" yet, but it's headed into that direction.
It certainly makes sense, if one is limited by government policy allowing only limited numbers of firearms to be purchased, not to use a permit for a firearm such as the M70. I get that. For me, at least in my state in the U.S., I'm not burdened by having to get a permit nor limited in amount of purchases.
Of course there are better choices for a .32acp platform, however I'm cost-constrained as of this year and in the future due to limited retirement finances, so for $225.00 this was a no-brainer purchase. This is my situation in the U.S. In the rest of the world I see how it wouldn't be realistic.
When I did have money the past three years it went into stocking up on ammunition, not firearms. Now have a very good supply of ammo in the calibers I use, even including .32acp as of last month. Probably enough for the decade, even.
It helped that Privi Partizan (PPU) is the cheapest "reloadable" good quality ammunition I've ever found available in America
May well have an entire month's output of the Privi factory stockpiled for the firearm calibers I use.
Another big reason I stockpiled ammunition from Privi is that the price of imports won't always be favorable for U.S. dollar denominated stuff once the world starts weaning itself off of dollar dependence.
The consideration about why I bought a .32 is age related. I'm in my 7th decade of life and while not arthritic or strength limited yet, I do want to have a .32 as a low recoil choice available as I age. That said, I'll continue blasting away with .45acp in my GI .45 as long as I can.