This really isn't a yes/no question. We could ask the same about any music skill. Sweep picking: Does it help guitar players? (Probably more than it helps auto mechanics). The answer might be “not really” if I’m a rhythm player in a 50’s DooWop band. The answer might be “absolutely” if I’m in a death metal band.
A more complete question could be: I want to play power chord rock in a garage punk band, will I need to learn to read music?
I want to be a professional guitar player for Broadway shows, will learning TAB help me?