Maybe not with the availability of commercial loads, but if you roll your own there are a few reasons to still to grab a 12 ga out of the gun safe, especially if you load them with light payloads (<1.75 oz). You can push them at higher speeds, have them pattern more easily and consistently with a wider variety of chokes, and have less recoil than a sub-gauge shooting an equal payload (assuming the 12 weighs more).

I grab a 20 ga most days, but reach for an old friend and feed it 1.5 oz shells almost as often.