If you want to have a website on the internet, YES.
Every website in the world have its domain name and its web hosting.
In one hand, we have the domain name. In a web adress is the underlined text: https://www.domain.com it defines the name of the website.
In the other hand, web hosting is the memory disk where your website is saved in a data center of a hosting provider.
To make it simple: you need a name to be indentified on the internet, and you also need a place to build your website on.