Yes. Without an inline shutoff, if you have IP creep from the first stage, it will eventually exceed the cracking pressure of the 2nd stage and release the excess pressure from the line via the 2nd stage. In that case, you do not need an OPV on the 1st stage.
With an inline shutoff in the Off position, there is no outlet for excess pressure from IP creep. So, eventually, the pressure in the LP hose can get so high that the hose ruptures. If your 1st stage is in good condition, you won't have IP creep and the OPV will not do anything for you. But, you cannot just assume your 1st stage won't start to have some IP creep at some point.
If you use an inline shutoff, you MUST have an OPV on the 1st stage.