Yes; but you don't need it to either set up Adsense, or to begin the application process.
YouTube will simply not review your channel for rules and policy compliance until you have 1000 subs and 4000 hours watch time in the past 365 days.
What a lot of people aren't getting is this: Simply reaching that subscriber and watch time threshold is not a guarantee that your channel will be accepted to the YPP and monetized by YouTube.
Too many people are thinking: "I've reached the requirements for monetization! I'll be monetized in a day or two..." when they have a channel full of non-monetizable content.