No. It’s the recommended way to sandbox software on macOS. The “this is deprecated” comment is just to keep the undesirables out.
(For sandboxing systems, use the Hypervisor framework or, if you want to run Linux, the Virtualization framework built on top of it)
The sandboxing API is internal, but, Chrome uses it extensively. So Apple is limited in how much they can break it, otherwise new macOS versions can't run Chrome.