Is Link Sculpting Still Effective?

At the Episode 55 of Hump Day Hangout (https://www.youtube.com/watch?v=2SpGIAygcFU), one question being asked is about link sculpting.

The exact question asked was:

“How important is link sculpting these days? If it’s still relevant, how do you deal with less important pages on your website. For example would you no-follow your navigation / terms / privacy links? Off page, when you are trying to pass authority from a facebook page to your website, do multiple links to other sources partially dilute the authority?”

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