It is most definitely a throwback from the old days when propellor driven aircraft provided extra lift over a wing with the prop wash. For an engine out scenario, turning into a live engine kept the wing that wasn't "blown" by the failed engine propellor on the outside of a turn, at a slightly higher airspeed (more lift) than the into turn wing, reducing the chance of stalling.
Of course this is of virtually no help with an underwing jet.