All I can say is that the more recent the music is, the less scholarly work has been done to study it. This goes along with the timeless principle that "theory follows practice."
But music theory is music theory, and yes, you can study any piece of Western pop music and analyze it according to the established principles of Western functional harmony and form and analysis.
Just look at all the guitar and keyboard magazines published in the last 40 years that provide transcriptions and analysis of this or that famous guitar or keyboard solo, in jazz and rock. They all use the same Western musical notation and music theory and form and analysis that is applied to classical music. That is enough to prove the point that the theory still applies and is useful in studying and playing this music.
There are academic journals that publish scholarly papers on music written in the last sixty years.
A lot of musicological work has also been done in the area of testimony for copyright infringement lawsuits, although that work doesn't get widely published.
There are some books out there on analyzing music of the last 60 years. One that springs to mind is The Beatles as Musicians series by Walter Everett.