No it isn't.
Yes, it is.
The Sunny 16 "rule of thumb" is: On a sunny day set f/16 and use a shutter speed that's the reciprocal of the ISO speed.
The sunny 16 rule takes into account the amount of available incident (as opposed to reflected) light which is pretty constant in bright sunshine. Yes, it can be used
as a guide to estimate which settings to use for the correct exposure in different lighting conditions, but the 'rule of thumb' mentioned is as stated above. It's an estimation as the amount of available light isn't being measured, but guessed at, and the intensity of the shadows were most often used to assist with that.
When there isn't bright sunshine the amount of incident light is no longer as constant and once you move away from f/16 you very quickly need shutter speeds in excess of what most (if not all, and certainly older cameras) are able to provide requiring ISO and even exposure bias adjustments to keep the exposure correct.
I imagine by now, if somebody stuck a fully-manual camera in your hand without giving you a meter, you'd be able to produce a useful picture... not because you did the calculation each time, but because consciously or otherwise you remembered what your automatic did under similar circumstances.
Because my camera (like most) has a fully automatic setting doesn't make it an 'automatic' anymore than it also having a fully manual setting makes it a 'manual'. In point of fact I'd be hard pressed to remember what my camera did on its fully automatic setting since it's one I rarely ever use. It's more often used on its manual setting when conditions dictate that's the best option.
Modern digital cameras usually include a histogram which is a very accurate method of determining the correct exposure for any given lighting situation. A test shot immediately reveals if you've clipped any of the blacks or blown any of the highlights.
Use of aperture priority also gives you control over the shutter speed since one dictates the other and to use it properly an understanding of how both interact is a necessity.