Need? No. Nice to have? Yes. Quicker to chuck stock in reasonably true? Yes. More expensive? Generally yes. If you do a lot of work, and chuck and indication time is dragging you down, and you don't need the part to run dead true, then a 3 jaw is an advantage. Or if you want to go to the trouble of boring soft jaws for the stock/part you are machining, then a 3 jaw wins again. But if you are only doing a part or two now and then, and don't mind indicating it in each time, or need to chuck irregularly shaped parts, the 4 jaw wins.