I personally enjoy fingerpicking more on an acoustic (unless it's strictly chord progressions, in which case I strum too). If it's on an electric, I'll only use a pick. Might look into hybrid picking one of these days.
To actually answer the question, no, I don't think every guitarist should know how to do it, but it couldn't hurt to look into it and give it a shot, just for the sake of expanding your skillset.