Does philosophy of science currently hold any value as a field of study? Why or why not?

Yes, absolutely.Here are a few important questions that science can't answer (and that philosophy of science can). What is science? What separates science from pseudoscience? How ought we evaluate competing scientific claims? How ought one do science ethically? What is the goal of science (if such a thing exists)? Given limited resources, where ought scientific research be concentrated? Who should be deciding the questions above? Scientists have to engage with these questions all the time, and for the most part they don't need any formal background in philosophy to come up with reasonable answers.  But every now and again you'd like the advice of a professional, and that's when you need to call on someone who specializes in the philosophy of science. If you're doing research that involves human subjects, you definitely want someone well-versed in ethics issues on your institutional review board. If you're having to go to trial to keep creationism out of public school science classrooms, you don't want to leave it to the scientists to explain what science is.  (The philosophers in the https://en.wikipedia.org/wiki/Kitzmiller_v._Dover_Area_School_District trial were brilliant.) And if you're a grad student who is having a few doubts about where your research fits into the Bigger Questions in life, it's reassuring to dive into the PhilSci literature and see how others have dealt with those questions.