Maybe, depends on whether you're doing CG animation (Pixar, Dreamworks style) or more realistic stuff - VFX, photoreal stuff.

If the former, then maybe a bit.

But the beauty of physically-based is that in many cases, you can take a model that's been textured and lookdeved and it will work nicely in many different lighting setups. Before Physically-based, you practically had to re-do stuff completely when you changed the lighting to get the look you wanted.

However, Physically-based still isn't a complete win - you can't looked something close up and expect it to look good in the distance - it just won't. You need to be aware of the LODs and create different asset variations appropriately for different distances.