Unfortunately, yes. As 4ringsa6 wrote above, it fixes battery drain (I have to do it on my N7 when Android OS starts to eat battery). Some errors accumulate on N4 and restart fixes it. Don't do it often on N4 though (may be ones a 3-4 weeks).
It doesn't speak good about Android OS
Not all apps fully release memory like they should, especially poorly coded ones. It is always good to refresh the system by rebooting at least every few days.
I had to restart my Samsung phone daily, or it had a multitude of issues. I go days and days with the N4 without restarting, in fact , I just do it about once a week, just for something to do. very stable phone.
My windows laptop starts slowing down and hangs if not shutdowned for a few days, same goes for the iphone5 with battery drain and connection problems after 1-2 weeks. Even an as/400 midrange computer requires an IPL (reboot) after a week or 2. My old blackberry bold also need rebooting after a few weeks. Rebooting a nexus4 weekly is not so bad as Linux o/s does that too. Android is Linux.