Yes. Without it you still have a round screw moving around in a square hole. The bearing gives it a ‘tighter’ fit, so that it is guided and stays in the right spot. The thick plastic also has a lot less friction than the thin and sometimes in-consistent metal.
For attaching joints together where rotational force doesn’t need to be transferred, I have found that screws work much better than axles, as the tightness can be easily adjusted so there is still low friction, but minimal slack/slop in the joint.