Yes and no. Many famous AND great musicians do not read music. (The Beatles, Jeff Beck, BB King, etc.) Others do of course. ( Paul Simon, Donald Fagen, Joe Walsh, etc.) It really comes down to your goals and what you want to do with it.
If you aspire to play in an orchestra, teach music or be a studio musician then you will want to be an excellent sight reader. If you want to be the next Bob Dylan (or Bob Seger for that matter) then you probably don’t want to spend your time looking at sheet music.
I don’t think it’s good to put people in a box and we all have our own path to walk. In the music industry you have a wide range of individuals. (Let’s say for arguments sake) On the extreme right we have very studious and even pedantic individuals. On the far left the most raw punk, country or blues musician you can think of. (probably more interested in the construction of a song or the recording process than learning their Mixolydian scale and an equally challenging task at times)
At the end of the day, I think it’s important to find joy in what you are doing. Learn what you can and say something from the heart. And remember kids, playing one gig is equal to a weeks worth of practice.