It largely depends on what you're developing. Math is always involved -- to some degree -- with application development. It's hard to write an interactive application without using basic loops and numerical variables. Keeping track of these loops and variables as your methods execute is necessary. As your application grows (in size, not in popularity), the patterns that these loops and variables follow can become increasingly complex.
However, an application that lets you fine-tune your contacts would, more often than not, involve less intricate mathematics than a physics-intensive game or one which involves sophisticated mapping and location control.
Edit: I consider myself to have a strong grasp of up to mid-level collegiate mathematics, and I've noticed direct benefits from much of this knowledge while developing for mobile platforms.