Does DCA in a high-interest rate environment make sense anymore?

Alright, so I'm looking at all the chatter about dollar-cost averaging, especially with things like $SAP popping off today (+9.30%, trading between 153.21 and 161.305). The old adage always made sense: consistent investment smooths out volatility. But with interest rates where they are, and money market funds paying a decent clip, I'm starting to wonder if the 'always DCA' mantra still holds the same weight. Is the opportunity cost of having that cash invested, rather than earning a solid risk-free return while waiting for a better entry, being sufficiently weighed? It feels like we're still operating with a 0% interest rate mindset in some of these investment strategies. Am I completely off base here, or is anyone else rethinking their approach?