They are still here in some way, but not how some people hoped them to be (i.e not spend more than you earn, and don't inflate commercial deals like PSG - and City to some degree - have done). I think that the 'project' was never going to be as Platini wanted initially, mainly because PSG unexpectedly got purchased by billionaires and it wasn't anymore just English clubs doing so. In addition, his son working for PSG's owner probably helped.
I don't mind it though, it was a bad plan anyway. Let the money flow, it is good for the competition.