I agree it's more likely to be used by older generations but it's not uncommon to hear it around either, especially when addressing or refering to elders
Well, corporation addressing clients would use señor/señora but between older/middle aged men. For anyone under 40 it looks a bit old-fashioned. They would just switch to an 'usted/ustedes' person (formal you/yall, for HN speakers) and no one will feel like they were in 1960.
And even with that, people under 35 will just stay at the informal (normal you) "tu" case.
And even with that, people under 35 will just stay at the informal (normal you) "tu" case.