No, definitely not! You can bake almost any cheesecake recipe without a water bath and they are mostly going to turn out really well. The main reasons I recommend using a water bath when baking cheesecake, is for a more even bake and creamy texture, a level top that doesn't sink or crack as easily, and less browning on top. That doesn't mean that a cheesecake made without a water bath is bad, it's just that you might run into some of those issues. It will still taste delicious though!