Sheol or Hades is simply the underworld. Both Paradise and the Torments are compartments within Hades.
We know it still exists, because during the Great Tribulation a demon army will be loosed from the Abyss, another compartment of Hades.
I agree. I said that the bad part of Hades/Sheol still exists and contains the souls of the damned. The Paradise part is no longer there but the souls of the righteous are with the Lord in Heaven now. The actual, final Hell created for Satan and his angels doesn't exist yet, but will be created at the final judgment where the devil will be cast into the lake of fire where he will be tormented forever and ever - no longer able to work his evil again.