With more instrument approach procedures being designed for RNAV/GPS equipped aircraft, and considering the high level of radar coverage currently available, is there a need to spend much valuable training time teaching students the skills and techniques for flying an approach using a DME arc?
Apart from the fact that it is required to learn, the obvious "benefit" is that you know what to do when flying to an airport that uses a DME Arc approach. RNAV/GPS approaches are becoming more common, but have far from taken over from conventional approaches. Even if an airport has radar, it does not necessarily mean that radar vectoring for final approach course is available - consider, for example, uncontrolled airports. Here is an example of a DME Arc approach still in use today, at an uncontrolled airport in Denmark that does have radar, but no radar vectors are provided (since it is uncontrolled):
And an example from Norway:
(images from AIP Denmark and AIP Norway respectively)