It depends on the context of the word contemporary. Penn is contemporary when referring to him in the context of other photographers or artists of his time - his time being the mid 20th century. He was certainly one of the most influential photographers of the 20th century, alongside Norman Parkinson and Cecil Beaton, and his influence on the work of the likes of Mario Testino and Annie Leibovitz is very evident today.
But if your question relates to him being a contemporary photographer of today, whilst his work is relevant, no, he is not a contemporary photographer. If you like his style look instead at Annie Leibovitz and Mario Testino to name just two very obvious and famous photographers of the same genre - I think you will see his influence, and you may at least then be able to bring in Penn from the perspective of him having had a visible impact on these two contemporary photographers, just as you can see the influence of Parkinson and Beaton.