I used to not think so...but a friend of mine told me that a label is a MUST.
Mainly - the person you gift the quilt to will look at that label and it will refresh their memory as to the time you took to make it for them. And if the quilt ever is lost, you have something to identify the quilt.....that label is vital.
Something that hit me while typing this answer....I decided one time to make a quilt for a dear online friend. We emailed each other daily for 4 years...sometimes 3 or 4 emails a day. She died about a year ago. As we're both quilters, it didn't cross my mind to make her a quilt until someone else said a prayer quilt would be nice for her. She discovered she had cancer and was going thru surgery and then chemo. I quickly made her a prayer quilt and sent it to her.
Never think another quilter friend wouldn't need a quilt from you....that quilt made her so very happy.
Yeah, I tend to wander off the path many times when I respond to a question.....