Has the P/E ratio actually outlived its usefulness for growth stocks? (Example: Shopify)

Hey everyone,
I've been racking my brain lately about the good old P/E ratio and whether it's even relevant anymore. Honestly, the metric feels completely useless for a lot of modern business models.

The problem is: P/E only looks in the rearview mirror and tells you zero about future potential. We're currently seeing companies that barely make a cent of profit but still skyrocket and turn into 10x baggers (just look at all the space stocks right now).

A prime example for me right now is Shopify (SHOP). With a P/E of around 100, any classic value investor would probably run away screaming. But when I look at my own circle or various online shops, **I've noticed that more and more merchants are adopting their ecosystem.** And one thing is super obvious: once you're in, you don't switch easily. It's almost impossible to get out. This massive lock-in effect and the power of their ecosystem don't show up in a pure P/E analysis at all.

I just used Shopify as an example here, but there are plenty of others.

Is a sky-high P/E ratio still a hard dealbreaker for you guys nowadays?
Which fundamental metrics are actually crucial for you instead when looking at different sectors?