No. Music is poetry and poetry doesn't need to rhyme. There are plenty of literary devices which you'll pick up on subconsciously that aren't outright rhyming, and they're just as valid.
I think the thing here is that poetry is all about stress patterns, and rhyming is an "easy" way to find two words that usually share the same stress pattern.
I can definitely think of a few punk bands that don't even try to be 'poetic', and it works really well as "political essays with punk backing tracks" or whatever too, so even that's not a necessity for me, but I think most lyrics, even when they don't rhyme, tend to be written with some stress pattern in mind.
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