Yes, hi-fi gear, general electronics and in fact everything made by humans needs periodic maintenance.
Folks are often blissfully unaware of this or the fact that electronic components degrade over time, but all equipment needs maintenance and the more mechanical it is, the more maintenance it needs.
Turntables and cassette decks are typically the two most maintenance-intensive categories and these types of equipment need more maintenance than amplifiers for example. I’ve written more about how and why electronics need periodic maintenance here and here.
I’m not saying this to drum up business. I’m busy enough as it is and often completely full. I turn work away and have a strong reputation for ethical business practices to uphold. I’m not about to jeopardise that with misinformation!
You are very welcome to take your chances. One thing is for certain though: your equipment will eventually fail if you don’t maintain it. Sometimes failure is benign, no major harm is done. Sometimes failure is catastrophic though and may take out other elements with it. Just don’t say I didn’t warn you!