When should I use old( key, value) on blade template ? Is it necessary in latest laravel version?

I noticed that in the older laravel blade template it was recommended to use old (key, value) to retrieve old values when form validation fails. (controller method handling the validation will post back to the form with the as-is data in request object)

Is it still necessary to use it in the latest laravel version ?
When should one use the old (key, value) function on the form fields on laravel blade template?

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