No, it is not. The "TimedMediaHandler" extension works perfect without this one on MW 1.31. Perhaps you still need to have it on MW 1.31 to gracefully upgrade from earlier versions however for a fresh install it is not needed.
Extension talk:MwEmbedSupport
According to Extension:TimedMediaHandler this extension is still required for latest available stable and LTS version MediaWiki 1.31.0
I tried it without this extension and "php update.php" is complaining "TimedMediaHandler requires the MwEmbedSupport extension."
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