Not really. The particular concern about limiting future expansion of European colonialism at its center (inasfar as the part of it that might justify US action is concerned) hasn't really been a concern really since the early 20th Century, though the name was dusted off by some (misleadingly) in the Cold War for applications of the Kennedy Doctrine within the Western Hemisphere, and the doctrine was explicitly described as being dead by Secretary of State John Kerry last year.

> It allows for the invasion of foreign country's when the us feels threatened right?

Not as actually articulated by Monroe (in fact, if the country was in Europe, its specifically negated some justifications for involvement).