Is DMS format still widely used in industries these days? It seems to be way less suitable to operate comparing degrees with floating point.
Yes, it is still widely used. All navigational devices and GIS software offers DMS format for displaying, saving and loading data. And many consumer oriented platforms use it as the main or only coordinate format.
Beside practical things like the fact that a minute of latitude is one nautical mile. The main reason is that coordinates in DMS format are easily identified as coordinates by anyone. They are more "user friendly" in that sense.
There are many reasons to choose other formats or other projections (like UTM/UPS), but it is a fact that DMS is still widely used.
Nevertheless, I'm sure all software make calculations with decimal degrees. DMS is used only for display and storing data in human-readable formats.
Not only is it still relatively common, but other forms of representation are also possible. Many GNSS (usually GPS) systems will report DD MM.mmmm (degrees decimal minutes). There are also packed and unpacked forms of DMS, DDMMSS.ssss or DD MM SS.ssss.
For computer processing, you're correct that just maintaining decimal degrees is easiest and only using other representation for display.