Basically no. The cache is likely to let you open and use app more quickly and smoothly, and iPhone has excellent memory management, so most of time you have no need to clear the cache.
However, if your iPhone has no enough space and some of the apps which take up large storage, or your iPhone is getting lag, you can try to clear the cache.
To clear the cache, you can use a third-party app cache cleaner, such as this iOS data eraser.
Step 1: Install the program and connect your iPhone to Computer
To start with, run the program and connect your iPhone to your computer via an USB cable, you will see the following interface.
Step 2: Scan your iPhone
Click on Quick Scan to do a full scan of your iPhone, or you can click on each option including Junk files, Temp Files, Camera Roll, Photo Library, Large Files and Apps to scan.
Step 3: Start to clear the data or cache
After a while, it will finish scanning your device and list scanning result on the panel. You can choose to clean your desired data to free up space on your iPhone.
In summary, you don’t need to clear the cache very often, only if the app takes up large space or your device is getting lag. This is what I recommended.