Depends on the level of monitoring and data collection you want to do.
It makes a nice fuel gauge when you're setting up the bike and learning it, and keeping track of how well your pack behaves, charges, etc., but it is not a necessary item if you don't care about any of that. If you just want to know your speed, there's lots of bike computers to do that. You can also use a standalone CA that can still monitor the bike but nto directly control it, without having to have a controller with a CA-DP plug (or adding one to your existing controller).
If you trust your pack's BMS to tell you when it's time to stop riding, and your charger to always fully charge your pack, and your controller to not draw more power than your pack can handle, then you can ride without any monitoring.
If you think you need any of those things to be monitored, any wattmeter can do this for you; some are easier to use than others, and the CA has more built-in options for usability and setup than any of the others I'm aware of.
If you would like the option to be able to alter the way your throttle works, or reduce the current limit on the controller, or limit the speed of the bike, or a number of other possible options, the CA can do those with a little wiring and some settings changes in it's menus. You can do the same kindso fthings with other devices, but you mihgt have to build them yourself, or try to locate someone that has one or sells them, and may still have to make hardware modifications to the bike.
The CA is presently and generally the single all-in-one type of tool for monitoring and controlling certain things about your ebike, with the possible exception of Speedict or maybe Eagle Tree, if either of those has hardware to control things as well as monitor them.
It comes down to what you want to do with the bike, and what you want ot know about it's performance, etc.
I used to use VeloAce on an old PDA for my speedo/odo, and separate voltmeter and ammeter, then I used a Turnigy Watt Meter, and then when I won a CA I have used it since and it is much more useful to me than the TWM or separate meters were, even though I still only use it for monitoring during riding and for charging back up.
It isn't taht useful for everyone, though.