Yes. Is it necessary? Who knows. If you have a coalescing filter, it could theoretically decrease the amount of water vapor in the air before it enters the tank, which could, theoretically minimize the amount of moisture being withdrawn from the tank. That said, the point of the aftercooler is to bring The air temp down to the point where the water condenses out of the air, so if it just dumps the water into the tank and it falls to the bottom (whereas the air you're pulling from the tank comes from the top) that might be enough physical separation to prevent the moisture from being drawn out of the tank though the outlet.
And in any case, you should have a water trap after your tank anyway so that should take care of any latent moisture.
All that said, this trap between the aftercooler and the tank on my setup catches way more water than makes it into my tank.
Is has a float valve that auto drains when the pump cuts off and the unloader release the pressure so you can see it squirt every time the compressor shuts off.
Here's a video.
Edit: added a couple photos of a similar setup from another member here. You have to look closely because we happen to have the same compressor and otherwise similar setups but they are different. Posting because this was my inspiration.