It depends.
The short answer is yes, there is very much one still there. And I don't even play TFT, because I despise it, so I'm talking RoC here.
The long answer is it depends on *when* you want to play. You only have to wait a minute or two during peak times (weekdays after work, weekends) to get shuffled into a 4v4/3v3 etc. During slow times (weekdays during work hours) you could be waiting quite a while.
In other words, unless you work the graveyard shift, you'll be fine.