Instructor route is still a valid way to gain experience, build up hours, improve your flying skills, and meet useful contacts. All of which elevate your position in the pecking order to get that first airline job. The 1000hr + instructor is of interest to the turboprop company, who are on the lookout for quick command progression.
There are to many 230hr cpl/ir holders out there, all wondering why airlines are not beating a path to their door. Living in dreamland.
There are instructor jobs out there, the money is not great, you might have to do it part time to start with, the first few months can be odd, finding your feet and developing your instructional skills. If you have some personality, and motivation you can generate alot of your own work, build a portfolio of students, and actually be commercially useful to a school.
The instructor job is very much what you choose to make of it.