One good indicator for leaving it in place is the fact that Ford did it that way.
Even though there is an actual solenoid on the modern starters, the fender mounted "starter motor relay" (Ford's name for it (not a solenoid)) is still utilized on many Ford products. Including Mustangs and Explorers.
Maybe they kept it in place for the extra wiring space as was mentioned. Or maybe they kept it in use because of the potential feedback issues causing starter run-on that many people experience. Or maybe they just like having a big heavy duty relay to control a circuit like this.
I personally prefer using one, if only to take the extra load off of the stock ignition switch.
Like 904, I usually recommend switching the old relay over to the modern diode-type relay that you would have found in the Explorer donor.
For the diode, and I like them because of the top facing posts too.
Paul