Does Jeremiah 29:11 apply to us today? Some say this verse does not apply to us. Is it so?

Thank you for the question.
Whenever we read the Bible, it always important for us to get to know the context in which the portion is written and always keep the big picture of the Bible in mind, i.e, God's way of restoring a fallen world through Christ.
The Context
When we look at the historical setting of this verse, we see that it is written to the Jewish exiles who are in Babylon now as a result of their disobedience to God. God was using a gentile nation to discipline the Israelites. In this same chapter, God promises them that they will be able to return after a period of 70 years(10th verse). Jeremiah 29:11 is then a promise for Israelites and at the same time a reminder of the nature of God's plans. God is making it clear to the Jews that His plans for them were for their good and because God had in His mind the right walk of His people before Him - this plan included disciplining using tough situations so that they will get right with God. God was letting the Israelites know that this was all His plan. So, when we look at the primary application of this verse, we understand that it is God speaking to the Israelites who were in exile reminding them of the goodness of His plans for them.
So what about us?
Does that mean we should consider this verse as something written to the Israelites and simply ignore it? No! There are ways in which this passage applies to us. It is a definite reminder of God's goodness. It is a reminder for us today that God's plans are very different from ours. It reminds us that He will discipline His children and put those situations in our life which maybe difficult but makes us more Christ-like. And when we look at the verse keeping in mind the big picture of the Bible, we understand that God's plan for our life is not simply to have riches, wealth and have a great life here on earth without any suffering - but it is a much greater one that is beyond this life and eternal in nature. Just like how Romans 8:28 says - "All things work together for good for those who love God...", a child of God can trust God to use any kind of situation to work out His plans in our lives - be it suffering, hunger, poverty, sickness etc. No matter what is holds, we know His plans are always good because our true reward is not here on earth - but in Heaven.
The misuse
I am sure this question came up as a result of the confusion that was created because of the repetitive misuse of this verse to simply focus on a better life and materialistic prosperity here on earth. Such an interpretation is wrong and should be avoided and corrected. We should NOT isolate a verse and give it a meaning that is suitable for us.