That's always been a very double edged sword quote that I see thrown around a lot. Like reflecting the world we live in today has always been a inspiration for alot of authors no exception in fantasy to try and project a narrative. When it works it works. The key is subtly.
The problem with applying 'we want this project to reflect the world we live in today' to Tolkien is that its different than than the times Tolkien was in then. Tolkien's work was very influential of the times HE lived in, whether that be religion, his experiences during World War 1, and the effect of the rise of industrial culture on the land, and so that was reflected in Lord of the ring and all of Tolkien's work. So if you apply todays times over Tolkien's times, then you replace the times that was originally set and therefore create a different time or distort the messages Tolkien gave. (if that makes sense)
I do think its important to highlight and maybe even give narrative to things today, making stories that reflect the world we live in today isnt a bad thing as many people say, its just so oftenly been done badly, but we must also be careful where we apply that narrative.