Is Sheol a place that Jews today actually believe exists, or is it just something that some Jews believed thousands of years ago?

A lot of evangelical Christians seem convinced that Sheol is a place that is important in Jewish theology and acts as some kind of waiting area when you die. I literally never hear Jews mention it, and it seems like just an ancient belief that some very early Jews had. Does Sheol have any part in modern Jewish theology? This smacks of nephilim-style over importance being placed on esoteric Torah verses by people who are ignorant of Judaism.