Is the theory of Eternal Generation now redundant?

I note that many modern theologians no longer translate monogenēs as “only begotten” but as “unique” or as "one of a kind." Most modern English versions have adopted this new understanding and translate the five Johannine uses of monogenēs as “only.” However, "only-begotten" is a key concept in the Nicene Creed. The Creed interprets it as that the Son was begotten from the substance of the Father. Do such translations imply that the Nicene Creed is in error? Or are these translations wrong? Or is there a way of reconciling the absence of "only-begotten" in modern Bibles with the Nicene Creed? Furthermore, the theory of Eternal General has been defined as an: (1) “eternal, (2) personal act of the Father, (3) wherein, by necessity of nature, not by choice of will, (4) He **generates the person** (not the essence) of the Son, (5) by communicating to Him the whole indivisible substance of the Godhead, (6) without division, alienation, or change, (7) so that the Son is the express image of His Father's person, (8) and eternally continues, (9) not from the Father, but in the Father, and the Father in the Son." (A.A. Hodge, Outlines of Theology, p. 182.) This is, in other words, an explanation of the Biblical concept that the Son was begotten (generated) by the Father. But if the word only-begotten (for the Son) disappears from our Bibles, is the theory of Eternal Generation now redundant? Or are there other evidence in the Bible that the Father generated the Son?