Hi,
Well, yes and no.
This option will also affect how products with options are displayed in the cart, checkout and invoice.
Do you have products with options in your shop ?
If no, then yes, you can turn off this setting. If yes, you'll see that it affect how the product and the options are displayed in the cart, and if people can buy several products with options in the same order, you likely want to keep that option turned on, in order to know which option is linked with which product in the order.