Yes - it will help seal the oilway and maybe (ever so slightly) improve oil pressure...
Had an engine in the motorkhana car about 10 years ago with the spray bay come loose (the bolt just below cam loose) and the oil pressure was very bad at idle, as the pressure was escaping at this point..... Did the bolt up and hey presto - oil pressure restored...
They may or may not seal well without one, but will definately seal better with one...
Just my 2.2c worth including GST....