Being able to read music and knowing the basic principles about music key signatures (circle of fifths, circle of fourths), scales, and so on does help. The more basic tools you have in your arsenal, the more versatile you'll be. Sometimes I use tab and sometimes I use sheet music to learn a song. I like both systems. Understanding the basics of music has helped me a lot. I find that I learn songs much more quickly than before I knew the fundamentals. I'm also able to sit in with people on the fly.
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