I think EGAs and SGAs are not useful for "students of today" but they are indispensable for "researchers of today", and "tomorrow". There is just so much stuff there that is not available anywhere else.

I think it is common when learning algebraic geometry to return to the same subjects over and over again but at a different level. First you skim the subjects to have a general idea and to orient yourself. Then you start working on a concrete research problem and you learn the tools to deal with it and your immediate algebro-geometric neighborhood. Then you revisit the same topics and, with your new and better perspective, you appreciate more of it. Etc.

So EGAs are perhaps for the visit #3, or #4. And the more you visit, the more pleasant it is to see things done elegantly and in full (as humanly and humanely possible) generality.