It's never explicitly confirmed to still work, but there's also little to no reason to think that it wouldn't.
The compass has been used for many different plotlines, and it has never been consumed by any plot. It is likely a standalone enchanted object, so it stands to reason that it doesn't stop working because the plotline it's connected to (e.g. a cursed opponent) ceases to exist.
"Don't betray the compass..!"
This, to me, says that the compass does carry some kind of link to the plot of the movie - if you betray the compass, it will release your darkest fears.
I thought the movie made this abundantly clear. The exact second that Jack offers the compass up for bartering (thus betraying the compass), Salazar is released from the triangle and is suddenly free to roam the seas.
Salazar was Jack's biggest fear at the time.
A small musing...
I'd be interested to see what would've happened if Jack offered the compass for a trade in Dead Man's Chest. Since Davy Jones was Jack's main fear (due to their deal), would the compass have set Davy Jones loose on Jack?
In other words, was the compass exclusively linked to Salazar, or is it linked to Jack (as it's his compass now) and does it then release the biggest fear specific to the owner who betrays the compass?