Does reciprocal linking still have value? The short answer is: YES. The caveat is that you must do it the right way. It's always been a no-brainer that one-way links are more valuable than reciprocal links. But the latter can still be a powerful SEO strategy and bring you additional targeted traffic.
But one word of caution to you.
Make sure your website has real value, looks professional, and compels other businesses to WANT to exchange links with you. Just put your self in their shoes and you'll understand.