Is it still a celebration of humanity or does it put a target on your back?
It depends on where you live.
If you feel you live in an area where it would put you in harm’s way, it might be it would put a target on your back.
If you feel the area you live in is an open-enough area to where your physical and mental wellbeing would not be severely at stake, then maybe it wouldn’t.
In the end, we cannot make this decision for you, but just know it is not a cut-and-dry answer. Some places if you come out you would wind up dead within a week; other places it would be something to celebrate as it is intended to be. Most places I imagine are somewhere in the middle.
It entirely depends on where you live and the atmosphere of that place.
It’s still necessary so long as anyone feels it puts a target on their back.
Because that’s the point, to tell people they are accepted and loved. There’s really no point where that stops being necessary.