Is the Magician software required or essential? No.
Is the Magician software worthless bloatware? No.
The Magician software verifies your SATA driver installation (AHCI mode) and provides drive health and SMART data information, as well as system information.
It has an optimization tool to adjust Windows settings for maximum performance, longest drive life, maximum power savings, or your own custom setting choices from each of those categories.
Firmware updates can be done with the software, or it can create a bootable firmware update tool for systems that don't support the main firmware update method.
You can run a manual TRIM of your Samsung SSD, and run a benchmark on it, saving the results to compare with earlier tests. Depending on the Samsung SSD you have, you can create a RAM cache for it that increases performance, although the actual usefulness of that is debatable.
Do you need all these things every day or week? No, but IMO it's useful to check the SSD once a month for firmware and updates to the software itself.
Bottom line, it's a personal choice whether or not it is useful. If you have an AMD board and use an AMD SATA driver, this software usually won't work correctly. If you have multiple Samsung SSDs in a RAID array, many of its features won't work.