The short answer is yes!
Why? Because Google will no longer be supporting Universal Analytics from 1 July 2023, after that date your analytics data will not be collected.
Typical of Google, when they move in another direction, they go full-on and do it with all guns blazing, basically forcing everyone to move with the times or get left behind.
Why have they done this?
This has been in the pipeline for some time, the biggest reason is that the old system is no longer fit for purpose. It was designed for the previous decades of desktop and session based tracking (cookies) that is now in-breach of todays privacy laws. GA4 will future proof your site and provide better information that is better aligned to todays online environment (think web, mobile, apps and how they all work together and cross over).
What does that mean for website owners like you?
For some of our customers it will require some updates to Google Analytics settings and more than likely some modification to site code. For more recent sites that have Google Tag Manager enabled, no change will be necessary.
Why move now, don’t we have a year to do this?
We think it's better to move over to Google Analytics 4 as soon as possible, allowing more time to build up historical data in GA4 before Universal Analytics stops processing new hits.
Good explanation provided by Google
How to identify if you have UA or GA4
Google help documentation