Yes and no, really.
They still play live gigs often, but their tours are much smaller and shorter than they used to be. Because they're getting old, that's why. Okay, because they're getting really old.
They used to spend three or four years in a row touring the world, then they'd come home long enough to record and release a new album, then they'd be back on the road for three or four years promoting it.
Being on the road takes a heavy toll on young energetic musicians. It's fun and exciting at first, a tour bus stopping in a different city every night, hotel rooms and parties and naked girls with no names, and all the good clean debauchery and defilement that comes with it. But after a while, a very short while, it gets difficult. Same bus every day, all the hotel rooms start looking the same, then all the towns look the same, then even all the girls look the same. And then it's just work.
Aerosmith is one of the bands who wrote the book on touring and partying, but they're old now.