It's not in a good state(some ADcs are downright too good with stormrazor while others are mediocre, ER no longer being a crit mana item also continues to hurt several of the more mana and CDR hungry ADCs, pushing them down pretty hard, and overall, I feel that both ER and Stormrazor are extremely polarizing as far as power distribution among champions). I miss when Xayah didnt feel like hot garbage to play because she could get the CDR and mana she needed from ER while not gimping her long term power spike with a lack of crit. That said, I feel like the less strong ADCs are still able to make it through lane if you're really good at them and that stormrazor is an overblown item; it isnt necessarily required for every ADC to actually be a early to mid game threat. I'm finding success on tristana without building storm razor and I feel like other ADCs like Tristana who have AS steroids could get away with buying a zeal and rushing IE just fine.
Overall, it's a pretty neutral state of affairs. It still has the issue that Shiv is still always the correct choice because riot refuses to rework zeal items to give them all their own individual niche and/or interactions with each other.