no not if it has string nocks to level the arrow, the loop just makes it easier to locate and hook your realease, if you want one tho they are cheap and easy to tie on, if shooting fingers i wouldnt worry about one
no you don't need a hoop. should have a rubber bumper on the string though. that way the release is not up against the arrow. the hoops are nice though. take it to an archery shop and have them set it up, if not done already. nothing like shooting a properly tuned bow.
loops are cheaper than strings and I find the knocks or rubber bumpers can slip over time and pinch the nock at draw causing accuracy issues and damaging the serving. I often have my release hooked to the loop while hunting and it's ready to draw instantly, loops are also easy to replace yourself.