No. You only need to run the Inoculate process if you are planning to use the Cure process to fix the links after you migrate the files.
The Modify Links process is frequently used to repair links that are already broken. The Inoculate process can only be used on files that contain "working" (valid) links.
The Modify Links process does not depend on the "locator beacons" that the Inoculate process puts into the meta-data of the files. Modify Links is a powerful "find and replace" tool that searches all your links for a specific "before" string and changes that string to the specified "after" value.
Inoculating your files before using Modify Links will not harm your files or hinder the Modify Links process. But, it is not required or recommended.
(As a reminder, you use the Inoculate process, before your migration, while the links are working, on files that are still in their original locations. You use the Cure process after your migration to repair the links in files after they have been moved to their new locations.)