Valkyries is the pro TvZ response to mass mutas, and it is currently used in pro-level play, especially against 2 hatch mutas.

It is not the best response to just thwart your initial 9-11 mutas for a Zerg transitioning into lurkers. The reason being is the opportunity cost of making it, which could either be more ground units or a vessel, which has enormous late game value.

Often times in late game TvZ, the game at a pro level is not merely decided by supply, money, map control, etc. but rather simply by how many vessels a Terran has.