Nice to have...
...but certainly not a need to have. It depends on how much you sail with others who don't know how to sail. I typically sail solo, so I it isn't critical to me. Often you can save a lot of money by buying line in bulk, but that also requires that you have the ability to splice things, like the halyard shackles, on.
If you don't then certainly color coding red and green looks nice and gives you a way to call out a line to a rookie easier. I'd suggest using white with colored flecks for the halyards and colored with white flecks for the sheets, but that is strictly based on the fact that colored will be less UV stable and it is easier to swap deck lines than change out halyards.