Cruising was still popular into the mid 1990's
Night life for teens and 20-something's was not so different from this movie, for those of us who came of age in the 80's and 90's. Today, cruising is relegated to special events, being in well controlled environments, and generally outlawed as a form of social gathering.
But I remember in the early 1990's, with my own wheels, cruising main streets in multiple towns on Friday nights. We'd hit one strip, and go to another later. Different crowds at each location. Also, just like this movie, pool halls were still a frequent hangout, and also video arcades. These were popular places to gather before cruising time.
Overall, it was very similar to the events of Dazed and Confused, but by the 1990's things had become quite a bit more dangerous. There was gang activity and things could get out of hand very quickly. Cruising was pretty much done away with everywhere before the end of the 1990's.