Yep - still holds as a concept: From the most chromatic colour of the mid - tone before it begins in to the shadow (red box), the shadow side colours move along the "diagonal" for point source lighting, light quality strong and "cool". It's a concept to explore to avoid getting too dull too fast.
But, in the real set up can be different quality and quantity of lighting, and multiple directions, more diffuse etc. Again, a framework to consider to avoid going too dull too fast. Value does all the work? Well, here's an example that an integrated method is the key to success.
The credit for illustrating this as a concept goes to Munsell and his team, Munsell's colleague and friend Denman Ross, as well as more recently being focused in upon by the paper:
"Shadow Series in the Munsell System" by Paul Centore.
Look for citations, which are often missing.
It's only for one lighting set up, vary the light source(s) ~ vary the effect.