The simple answer is yes, it does if you want to keep it running.
Ask yourself this: do old watches, power tools or motorcycles eventually need to be overhauled or restored? The answer, of course, is yes and this applies to almost everything. Nothing lasts forever without maintenance.
I don’t need more overhaul work and many people are prepared to throw old things away when they fail, but when this is rare and collectible hi-fi gear, that may not be the best idea. I overhauled my Toyota Prado starter motor last year for example. This saved me buying a cheap new one. Mine is a Japanese Nippon Denso starter, and that’s what I want on my vehicle.
Older hi-fi gear is generally reliable and lasts a whole lot longer than most newer gear. However, there is no escaping the fact that eventually, someone HAS to spend money to have it overhauled or restored.
That should preferably be done before it fails, taking out speakers, output devices, catching fire etc. Parts get hot, change, wear out and eventually fail, even in the most expensive equipment. If you love a piece of equipment, consider giving it some TLC before it fails.