In a word yes. In a few more words, it really depends on your musical goals. If you are happy strumming the chords to your favorite song you might not need to read music. However, learning to read music will greatly increase your understanding of rhythm which will be a huge help when trying to figure out strumming patterns. This help will allow you to play it more accurately and learn how to play the strumming pattern in a much shorter time than just whacking away at the guitar until it sort of sounds like the song.
Now I’m well-aware of the many anecdotal stories famous musicians who made it big despite not being able to read music. But the reason the stories have become anecdotes is because most professional musicians can indeed read music fluently.
Many of you may be thinking, I can read tablature. However, if tablature were a perfect system there would be no need to have developed the modern way of notating guitar music in treble clef notation. Once again, the missing crucial component from most modern tablature is rhythm. Tablature is most effectively used in conjunction with standard notation. Some might argue that many time modern tablature does attempt to put the rhythmic notation right into the tablature by providing stems. But, stems alone are not enough to accurately show all the rhythms on the page. One cannot tell the difference between a half note and quarter note in tablature by using the stem alone. In fact, the only way one can know the difference between the two is to fall back on their knowledge of how to read music standard notation.
So you only need to learn how to read music, if you would like to play well.